International Housewares warns of tumbling profit

International Housewares Retail – the parent of Japan Home Centre (JHC), City Life and Epo Gifts and Stationery – says its profit in the first half of this year will fall as much as 55 per cent.

In a profit warning issued to the Hong Kong stock exchange, IHR said the decrease is mainly the result of increasing operating cost across the group, weak consumer sentiment in Singapore and Malaysia and an exchange loss arising from depreciation of Renminbi deposit.

IHR has about 300 stores in Hong Kong, Singapore, West Malaysia, the PRC and Macau, and according to information on its website (not updated since 2013), nine licensed stores in East Malaysia, Saudi Arabia, New Zealand and Indonesia.

“The board of directors wishes to inform shareholders… that based on the preliminary review on the group’s unaudited consolidated management accounts for the six months ended October 31, the board expects the group will record a decrease of a range from 45 per cent to 55 per cent in profit attributable to equity holders of the company as compared to the corresponding period last year.”

The company is in the process of finalising the interim results and will announce figures on December 18.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.