Chaswood Resources expects to narrow FY2018 loss

CHASWOOD Resources Holdings expects to narrow its full-year net loss for fiscal year 2018, the Malaysian casual dining operator said in a regulatory filing late on Tuesday night.

This comes on the back of lower administrative expenses arising from the closure of non-profitable outlets and cost cutting measures, lower marketing costs, depreciation and amortisation of franchise fees, the company said.

Nonetheless, based on a preliminary review of its unaudited financial results for the full year, net loss after tax arose mainly due to lower revenue amid "challenging market conditions of the industry", Chaswood Resources said.

It added that the higher loss after tax in FY2017 was mainly due to the substantial asset impairment made, as a result of the closure of non-profitable outlets.

Further details of the group's performance will be disclosed in its unaudited full-year results, to be released on or before March 1, the company said.

Shares in Chaswood Resources have been suspended, and last traded at 0.9 Singapore cent apiece on Feb 28 last year.