It reported full year net profit of S$3.7m compared to S$32.3m in losses previously.

The better performance was achieved despite turnover falling four per cent to S$96m.

The company attributed the turnaround mainly to the sterling performance of its footwear business.

Going forward, the company said its IT business is likely to encounter difficult conditions given the global slowdown of demand for personal computers.

The weak retail market is also expected to lead to lower demand for footwear and this will impact the company's revenue and gross profit margin.