Corporate digest

Jumbo Group

JUMBO Group expects to report a significantly lower profit after tax year on year for H1 FY2020, owing to the impact of Covid-19 across its markets. In a filing to the Singapore Exchange, it said: "The decline in revenue coupled with the minimal reduction in rental expenses and less than proportionate decrease in staff costs, our two largest components of expenses, led to a much depressed bottom line for the second quarter of FY2020, and consequently a significantly lower profit for 1H FY2020."

It stressed that while its working capital position remains healthy with minimal bank borrowings, the group's key priority is to preserve cash to support working capital requirements until the Covid-19 situation improves.