Shriro (ASX:SHM) share price tumbles 7% despite profit surge

Shriro Holdings Ltd (ASX: SHM) shares were tumbling today after the consumer product distributor announced its 2020 full-year (FY20) results late on Friday. By today’s market close, the Shiro share price had fallen 6.7% to 97.5 cents. 

Let’s take a look at how the company has been performing.

Shriro share price falls on 180% profit increase

The Shriro share price was tanking today despite the company reporting that total revenue across the group increased by 11.2% to $191.3 million during FY20. Shriro markets and distributes a range of brands spanning kitchenware, range hoods, instruments, watches, and BBQs. Although revenue was subdued during the first half due to COVID-19 lockdowns, the second half rebounded strongly.

The…