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SINGAPORE: Catalist-listed furniture and beauty products firm Novena Holdings said on Tuesday that it saw a net profit of S$895,000 for its 2009 financial year.
The figure is significantly better than the S$47.1 million loss it made over the same period a year ago. It attributed the improvement mainly to the absence of a one-off S$45 million impairment loss on quoted equity investments in 2008.
Novena said that it had disposed off its subsidiary in China, Suzhou Novena Furniture, resulting in a slight loss of S$300,000.
The disposal of the last of the furniture business is in line with Novena's overall strategy to enter into the offshore and marine sector, which it will now focus on.
The company is also exploring strategic options to grow its business via synergetic merger and acquisitions.
- CNA/sc
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