[SINGAPORE] Investment and lifestyle group Thakral Corporation’s net profit more than tripled to S$19.5 million for the third quarter ended Sep 30, up from about S$4.1 million in the previous corresponding period.
This was in part due to the divestment of its Yotsubashi Nakano Building in Osaka, Japan, said the group in a regulatory filing on Thursday (Nov 6). Thakral also attributed its performance to its status as the exclusive distributor of DJI drones and its accessories in seven countries in South Asia, including India.
The mainboard-listed group said the sale of the Osaka property was executed at 13.7 per cent above book value, which generated a net attributable gain of S$2.0 million and cash proceeds of S$6.4 million. This in turn sent the share of profits from the group’s associates up by 126 per cent to S$10 million for Q3.
For the nine months ended Sep 30, Thakral’s profit soared more than 700 per cent to S$128.8 million, from S$14.9 million a year earlier.
Revenue for Q3 rose 52 per cent to about S$115.9 million, while operating profit surged by 485 per cent to S$21.2 million. For comparison, its 9M revenue grew 35 per cent to S$276.4 million, and its operating profit rose 169 per cent to S$28.4 million.
Thakral attributed its revenue growth to its lifestyle segment, which rose 33 per cent year on year in Q3 to S$97.7 million on the back of robust demand in South Asia and Greater China. For the nine months, revenue was up 28 per cent to S$254.4 million.
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The group has expanded its brand portfolio with the addition of Miu Miu Fragrances and Yuesai skin-care products to strengthen its premium beauty and fragrance category.
It also noted that its distributorship status for DJI continued to gain traction.
Thakral said it would set up between 20 and 30 DJI stores in India and other South Asian countries in the next to two to three years, including flagship stores in major cities from Q1 next year.
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The diversified group added that its Nespresso operations in India continue to scale through its New Delhi retail boutique, e-commerce platform and Amazon store.
Thakral said it is also building partnerships with renowned hospitality brands such as Conrad, Fairmont and JW Marriott in India.
Revenue from its investment segment rose in Q3, mainly due to a S$22.6 million fair-value gain on GemLife securities, as the listed company’s share price rose on the Australian exchange.
Thakral holds a 16.8 per cent stake in GemLife, one of Australia’s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.
Thakral’s group chief executive and executive director, Inderbethal Singh Thakral, said the group’s strong quarterly results underscore the continued momentum across both its lifestyle and investment segments.
“The lifestyle business remains a key growth engine, supported by sustained demand for premium beauty and fragrance products in Greater China, and the growing adoption of DJI’s expanded range across South Asia,” he said.
Shares of Thakral Corporation closed 1.9 per cent or S$0.03 higher at S$1.65.
AloJapan.com