Joyas to scale down jewellery products business
SINGAPORE-LISTED metal gifts company Joyas International Holdings said on Thursday it will scale down its jewellery products business.
Joyas said this is "in view of the losses incurred by the jewellery products business, the continued difficult operating environment for the industry and the finite financial resources that the group is able to allocate to each of its business segments".
It added that the company may incur restructuring costs or dispose of its inventories at a loss.
Joyas said after the scale-down, it expects the revenue and costs of the jewellery products business to be reduced.
It also said it will focus its resources and efforts on its metal gifts business, financing business and its nickel ore trading business.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla to accelerate launch of cheaper cars after sales miss
IBM is in advanced talks to acquire software provider HashiCorp
Microsoft launches lightweight AI model
Gucci-owner Kering posts 10% drop in Q1 sales on sluggish Chinese demand
Hotel Properties prices 5-year notes at 5.1%
Apple to hold launch event on May 7, with new iPads expected