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FULL-YEAR profits for the 66 firms that have so far reported their results for the year to June 30 slumped 68 per cent to $692 million.
More than 60 per cent - or 45 - of the companies posted profits, while 21 reported losses.
Of those that made profits, 64 per cent booked lower earnings than in the previous year.
The Singapore Exchange (SGX) posted a 36.1 per cent drop in net profit to $306 million from $478.3 million, which included distribution from SGX-DT Compensation Fund.
SGX said that it will continue to eye firms from China, India and Indonesia to list in Singapore.
Amid concerns over the quality of Chinese companies attracted to list here - including issues involving the pledged shares of their controlling shareholders - SGX said last week that such shareholders may be forced to disclose any significant share pledges that they have made.
Meanwhile, impairments swung the results for some retailers.
Eu Yan Sang posted a $13.1 million profit for the year to June 30, up from $4.94 million a year back. This was due to the absence of impairments booked in the previous year.
In FY 2008, the company booked a $5.3 million loss from its disposed operations in Red White and Pure, as well as liquidated YourHealth Group and its subsidiaries. It also booked a $3.9 million impairment for long-term investments in unquoted shares.
The traditional Chinese medicine specialist is easing into non-organic growth as it scales up the business.
It expects to make acquisitions or sew up joint ventures in new markets over the next few months.
FJ Benjamin Holdings posted a net loss of $2.66 million for the full year, a turnaround from a net profit of $14.8 million in FY 2008.
This was largely due to an exceptional charge of $3.1 million and a non-cash foreign exchange loss of $3.7 million.
Amid weak consumer sentiment, the retailer's turnover in the latest year shrank 12 per cent to $299.9 million.
The company will open a Raoul showroom in New York as part of efforts to expand its distribution channel in the US.
As for property and construction plays, Sim Lian posted a 12 per cent drop in full-year net profit to $38.7 million.
This followed a $18 million provision booked for the foreseeable loss on a development project in Singapore.
Saizen Real Estate Investment Trust said that distributable income fell 19 per cent to 1.37 billion yen. The company expects to resume distribution from the last quarter of FY 2010 or the first three months of FY 2011.
Some remnants of the credit crunch remain, with a jump in default rates on commercial mortgage-backed securities (CMBS), according to a Fitch Ratings report in April. CMBS are being used by Saizen to fund its 14.9 billion yen loans.
In the marine sector, ASL Marine reported a net profit of $71.1 million, up 17.9 per cent from $60.3 million in FY 2008.
Its full-year earnings included a $12.2 million gain on the disposal of its jointly controlled entity ASL Energy.
Revenue rose 8.7 per cent to $435 million from $400 million, boosted by higher sales from ship-building, which registers lower margins than other segments such as ship-repair and chartering.
All companies with a financial year ended June are expected to report their earnings by Monday.
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