OSIM net profit plunges by 38% to $10.2m

A triple threat ultimately downed the firm.

The ground is practically crumbling from beneath the household appliance firm as it faced its worst quarter yet after being pummelled by haze and FX turmoil.

According to analysts from Maybank Kim Eng, as the headwinds took a toll on its massage chair sales, its earnings were further aggravated by a $1m jump in legal costs.

However, Maybank Kim Eng says OSIM’s weakness is limited in the economic uncertainties of Singapore, as it has been doing notably well in China and Hong Kong.

“Two more stores were opened in HK, bringing the total to 49 stores, up from 37 a year ago,” Maybank Kim Eng said.

Meanwhile, analysts are optimistic heading into the next quarter.

“3Q15 is likely to be the worst for this year as OSIM heads into its seasonal peak and legal costs should taper off in 4Q. Several new smaller products that it believes to be promising have been launched, including the cheaper uDiva Classic,” Maybank Kim Eng said.

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