Furniture maker Koda on Tuesday reported a near 156 percent jump in full-year net profit, powered by streamlining of its manufacturing operations coupled with the expansion of its retail brand Commune.
Net profit attributable to the shareholders jumped to US$4.1 million in the year ended June 30 from US$1.6 million last year.
Revenue grew 33.4 percent to US$49.5 million in the year, the company said in a statement.
Koda has streamlined its operations since the 2008 global financial crisis by consolidating production facilities in Vietnam, relocating factories out of China, among others.
Its gross profit margins rose to 32.2 percent in the year ended June 30 from 27.7 percent in the previous year.
"Commune is gaining strong traction in China, especially among younger home-owners. We continue to build the brand and differentiate ourselves as we remain on schedule to open up to 100 stores in China by 2020," Commune's Chief Executive Officer Joshua Koh said in a statement.
The company, which has manufacturing operations in Vietnam and Malaysia, proposed a final dividend of 1 Singapore cent and a one-time special dividend of 2 Singapore cents per share.
The group expects to remain profitable in fiscal 2018 and its financial position to remain strong, it said.
Shares in Koda ended down 2.4 percent at S$1.23 on the Singapore Exchange. The stock has gained 125 percent so far this year.
