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JOINT LETTER TO
OUR SHAREHOLDERS (CONT.D)
profit margins as compared to new automobiles. Gross
profit fell 16.7% to S$7.36 million in FY2015.
During the year, we were hit by higher marketing, rental and
staff expenses.
Consequently, the Group reported a net loss attributable to
shareholders of the company of S$4.0 million in FY2015, as
compared to a net profit of S$17.0 million in FY2014 when
we had recognised a one-time gain of S$16.2 million arising
from the sales and leaseback of 30 Teban Gardens Crescent.
BUS I NES S OUTLOOK
AND STRATEG I ES
Like everyone else in the industry, we have come to terms
with the tougher environment and we expect the next 12
months to remain challenging.
However, we are confident about the strength of our brands
and we believe that the aspirations of many Singaporeans
is to own one, if not more, of the luxury products that we
carry. As such, we plan to continue our brand building
activities to drive sales of our products. These plans include
the opening of a new Lamborghini display and retail store at
Suntec City Mall by end 2015. We believe the new store will
stir up new excitement among potential customers and also
enable us to sell the merits of Lamborghini automobiles and
increase the level of awareness among car enthusiasts.
In the meantime, we are also busy exploring opportunities
to grow our business. Our strategy is to enlarge our
distribution network for our existing products locally and
into other emerging markets in the region. We will also
look into acquiring existing distributorships or dealerships
for more luxury products to expand our portfolio as well as
seek out strategic alliances or joint ventures that we believe
will complement our existing or future businesses.
APPREC I AT ION
We would like to take this opportunity to thank all our
shareholders for your support.
We would also like to thank our principals, in particular the
Lamborghini manufacturer, for offering their assistance in
the form of better pricing during this challenging period.
We were able to pass this on to our customers through
discounts, which have enabled us to continue to sell cars
despite the higher price tag. Our principals’ understanding
of the market’s current situation and their willingness to
support us is a testament to the strong and longstanding
relationship that we enjoy with them.
Special thanks go to our staff for their hard work and
dedication and also to our business partners and customers
who have stood by us over the years.
ME LV I N GOH
Executive Chairman
& CEO
ANDY GOH
Executive Director
& Deputy CEO
“
WE ARE CONFIDENT ABOUT THE
STRENGTH OF OUR BRANDS AND WE
BELIEVE THAT THE ASPIRATIONS OF MANY
SINGAPOREANS IS TO OWN ONE, IF NOT
MORE, OF THE LUXURY PRODUCTS THAT WE
CARRY. AS SUCH, WE PLAN TO CONTINUE
OUR BRAND BUILDING ACTIVITIES TO DRIVE
SALES OF OUR PRODUCTS.
”
A N N U A L R E P O R T 2 0 1 5
T H E S T R E N G T H O F O U R B R A N D S
