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LifeBrandz sinks deeper into the red for FY2015
STRUGGLING nightspot operator LifeBrandz posted a S$7.63 million loss for full-year 2015 on Tuesday night, even worse than the S$5.75 million loss it incurred the previous year.
This was even though revenue for the 12 months ended July 31 expanded 8 per cent year-on-year to S$1.26 million, according to the mainboard-listed group's Singapore Exchange filing.
Most of the net loss came from discontinued operations, though the group's continuing operations were also in the red.
The discontinued operations included nightspots in the Clarke Quay area such as Aquanova, Fenix room, Mulligan's Irish pub (Clarke Quay branch), Playhouse and HopDog, the group said.
LifeBrandz chalked up a loss of S$1.8 million from the discontinued operations and a loss of S$1.16 million from continuing operations.
It said it was "mindful of the intense competition of the industry and will continue to explore business opportunities to position and transform its business profile and strategic direction".
Noting that it had inked a reverse takeover deal in July to transform itself into a healthcare company, the group said it would "update on further development in this matter accordingly".
The group incurred a loss per share of 0.27 Singapore cent for FY2015, slightly worse than the 0.25 cent loss per share for the previous year.
Net asset value as at July 31 this year was 0.03 cent per share, down from 0.08 cent per share as at July 31, 2014.
LifeBrandz shares tumbled 25 per cent or 0.1 cent to close at 0.3 cent on Tuesday, before the results were released.