EXCLUSIVE: Profits Fall At Bing Lee
Sydney based consumer electronics and appliance retailer Bing Lee has reported a fall in profits to $982,958 despite a lift in revenues.
In their latest filings with the Australian Securities and Investment Commission (ASIC) the retailer has reported a revenue lift to $334M from $331M in the prior year.
The 41 store, operation of which 13 are franchised has no borrowings, they are also the largest privately held CE and appliance group in Australia.
Operating costs for the business rose from $72.2M to $75.4 million.
The two principle directors are Yenda and Lionel Lee, who according to the filed documents were each paid over $300,000 in the last financial year.
Payments to the Lee family trust were deferred however each director was paid $24K in superannuation.
Operating lease commitments for the business fell from $46M to 45M.
ChannelNews understands that the Lee family own several of their stores.