Thakral Corporation’s net profit declined 4.9% y-o-y to $3.37 mil for 1QFY2025 from forex losses and higher income tax

Thakral Corporation has reported a lower net profit of $3.37 million for the 1QFY2025 ended March 31, 2025, down 4.9% y-o-y.

The group’s profit before interest and tax, which accounts for profit before foreign exchange loss and gain, came in 27.6% y-o-y higher for the quarter at $6.34 million.

The group’s profitability was impacted due to losses in foreign exchange and higher income tax.

Revenue for 1QFY2025 came in 26.6% y-o-y higher at $76 million.

The group says that revenue for its lifestyle business grew to $74 million for 1QFY2025, up 27.7% y-o-y. This is due to demand for its portfolio of beauty and fragrance brands which remained strong across China, Hong Kong and Macau.

Share of profit from associates rose 80.7% y-o-y to $3.2 million led by higher contributions from the group’s investments segment, particularly GemLife and its commercial properties in Japan.

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The group’s average occupancy across its commercial properties in Japan came in at over 96% as at end March.

For the quarter, gross profit rose 16.1% y-o-y to $12.9 million but gross margin declined to 17% due to volume sales. Operating profit declined mainly due to Nespresso’s operational and staffing costs.

The group’s cash and bank balances declined 14% q-o-q to $10.9 million due to the partial settlement of accrued expenses and increase in other receivables.