Will OSIMs Brookstone bet pay off?
By Wong Wei Kong – 03 May 2006 The Business Times THINK OSIM and the ubiquitous massage chair comes to mind. But these days, OSIM’s future is increasingly being defined by its Great American Dream. That quest, however, is not going as well as hoped for OSIM, one of Singapore’s most successful home-grown brands and a stockmarket favourite. Last week, OSIM shares slid 13 per cent after the company suffered a sharp drop in quarterly earnings due to financing costs and lower revenue from recently acquired Brookstone Inc in the US. OSIM, a maker of healthy lifestyle products, reported that net profit fell 94 per cent to $500,000 for the first quarter of this year. A combination of finance costs in the acquisition of Brookstone, and lower revenue from the US retail chain, resulted in a net loss from associates and joint ventures of $13.9 million. Excluding Brookstone, the group said net earnings were up 100 per cent at $14.4 million with core operations performing well. OSIM is keeping its g
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- Will OSIMs Brookstone bet pay off?
