Electronics retailer Challenger Technologies’ half year has ended on a slightly down note, with revenue up but profits down due to increasing costs, as rental support measures enjoyed a year ago disappear.
Half-year revenue for the business rose 15 per cent year-on-year to S$135.8 million, with the business’ retail operations remaining strong when compared to the same period last year – when Singapore was in the grips of a circuit-breaker lockdown.
Despite the growth, Challenger’s net profit fell 3 per cent to S$9.3 million, with rising sales more than offset by rising expenses.
Rental costs increased by S$2.5 million and employee costs rose by $400,000, with several government subsidies and rental waivers and rebates having fallen away.
According to a report in Business Times, Challenger is seeking to drive greater productivity, and ramp up its e-commerce engagement, which fell during the half, while improving its product range, but expects the overall retail sector to remain challenging as the world continues to reopen.