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Ossia Int'l sinks deeper into the red for FY2016

RETAILER Ossia International has sunk deeper into the red for the fiscal year ended March 31, 2016.

On Tuesday afternoon, Ossia reported a net loss of S$2.62 million for FY2016, compared to a net loss of S$2.14 million a year ago. Loss per share was at 1.04 Singapore cents, compared to loss per share of 0.85 cent previously.

Revenue tumbled 24 per cent to S$36.17 million from S$47.73 million a year ago due to closure of non-performing outlets. The company did not provide a quarterly breakdown of its financial performance.

Ossia said its gross profit margin increased slightly from 49.5 per cent to 51.4 per cent due to the bulk sales of discontinued merchandise and brands that were written down in previous years. Other operating income fell by 87 per cent, or S$1 million, on lower dividend income received from an associated company.

Looking ahead, Ossia expects the retail environment to remain "challenging".

"The group will continue to focus on its core business overseas, tightening operations by closing non-performing outlets and brands," it added.