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Bad Apple business drags Epicentre into S$7.1m FY18 loss

EPICENTRE Holdings fell into the red in the year ended June 30 with a net deficit of S$7.1 million, or 4.43 Singapore cents per share, from a year-ago profit of S$507,000 as it lost money from its Apple-related businesses, the reseller announced late Wednesday.

Epicentre shares were not traded on Wednesday, but were bid at 10 Singapore cents and offered at 11 Singapore cents.

Continuing operations contributed a net loss of S$3.1 million, or 1.92 Singapore cents per share. Discontinued operations, which include the Singapore Apple-related business, posted a net loss of S$4.0 million, or 2.51 Singapore cents per share, for the period.

Revenue from continuing operations fell 30.5 per cent to S$18.35 million, largely from an S$11 million decline in revenue from the Malaysian operations, which lost their Apple Premium Reseller status.

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Japan IPL Holdings, a hair removal and skin rejuvenation salon in which Epicentre acquired a 51 per cent stake in April 2017, contributed S$3.6 million of revenue and S$3.4 million of gross profit during the year.

Epicentre's board described the operating environment over the next year as "challenging". It said that a planned acquisition of property development and hotel management businesses announced in June represent an opportunity for the company to venture into new business areas.