F J Benjamin sinks into the red in Q1 2016

RETAILER F J Benjamin sank into the red in Q1 FY2016 with a net loss of S$5.47 million, versus a net profit of S$1.11 million a year ago.

Turnover dropped 15 per cent to S$63.7 million amid headwinds in the retail sector, while loss per share clocked 0.96 Singapore cent, versus earning per share of 0.19 cent a year ago.

"Given the uncertain global economic outlook and intensifying competition, the group expects the retail sector in its key markets of Singapore, Malaysia and Indonesia to remain challenging in the mid-term," F J Benjamin said. "The group continues to proactively manage its brand portfolio and right-size its operations to move forward efficiently. This exercise is expected to be completed by the end of 2Q16."