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FJ Benjamin posts S$17.42m net loss for FY17

STRUGGLING retailer FJ Benjamin's net loss for the fiscal year ended June 30 narrowed to S$17.42 million from S$22.96 million amid a drop in revenue.

The group turnover slipped 18 per cent to S$207.49 million mainly due to the discontinuation of businesses and a decrease in sales to an Indonesian associate.

But gross profit margin improved to 42 per cent from 39 per cent a year ago due to tighter inventory management and improved sell-throughs.

"The management expects the operating environment to remain challenging in Singapore as economic growth stays sluggish and the Singapore dollar continues to strengthen relative to regional currencies," the group said.

"While management is conscious of the challenges and will remain vigilant on costs, we will continue to identify new business opportunities that will enhance the group's portfolio and assist its return to profitability."