Aspial's net profit plunged 97% to $820,000 in Q1

Its jewellery and property segments are losing lustre.

Aspial Corporation reported that its net profit declined 97% to $820,000 in the first quarter, on back of weakness in both its jewellery retail and property development businesses.

Revenue from its property business declined 38% to $39.3m during the quarter, due to lower recognition of
sales from its projects due partly to the slow construction progress at Waterfront@Faber and The Hillford.

Meanwhile, revenue from its jewellery business decreased by 14.3% to $33.5m, on back of weak market sentiments and a smaller retail network. Aspial closed 12 retail stores in the quarter.

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