Zhitong Financial APP News, Design City (01545) released interim results for the six months ended June 30, 2023. The group earned S $46.345 million, up 3.7% from a year earlier; profit for the period was S $733000, down 60.9%; profit attributable to shareholders was S $656000, down 59.63% from a year earlier; and earnings per share were S $0.03.
Profit before tax decreased from approximately S $2.5 million for the six months ended 30 June 2022 to approximately S $1.1 million for the six months ended 30 June 2023, due to a decrease in gross profit margin of the Group's US furniture sales division and an increase in sales and distribution expenses.