Channel NewsAsia

Osim quarterly profit up 15% to new record

Singapore lifestyle products firm Osim International reported on Tuesday record profits for the three months ended March and said business will remain strong for the rest of 2014.

SINGAPORE: Singapore lifestyle products firm Osim International reported on Tuesday record profits for the three months ended March and said business will remain strong for the rest of 2014.

Osim -- which is best known for its massage chairs -- said profit after tax rose 15 per cent from a year ago to a record S$29 million during the first quarter, helped by product innovation and competitive positioning.

This was on the back of a 15 per cent rise in sales to S$173 million over the same period.

"We have achieved 21 consecutive quarters of profit growth... and we expect our improvement in productivity and growth in profitability to continue to be driven for a number of years by market leadership, continuous innovation and productive execution," the company said in a statement.

Looking ahead, Osim said it plans to open 20 to 30 Osim outlets this year to add to its global network of 583 outlets.

It also plans to grow TWG Tea from 33 outlets to around 45 outlets by the end of the year. 

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