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FJ Benjamin reduces losses in FY18

RETAILER F J Benjamin Holdings narrowed losses to S$1.24 million in FY18 from S$17.42 million in the previous financial year.

Its results in FY18 were weighed down by an operating loss of S$1.1 million from a discontinued brand.

Revenue fell 20 per cent year-on-year to S$165.98 million due to the discontinued business, while loss per share came to 0.18 Singapore cent, versus a loss per share of 2.92 cent a year ago.

Meanwhile, group operating expenses fell 28 per cent to S$74.6 million, thanks to a tighter control on costs and the closure of non-performing stores, which yielded savings of S$28.4 million.

It earned a pre-tax profit of S$939,000, compared to a net loss of S$16.47 million the year before; this marks the first time in four years that the group has returned to profitability.

Group chief executive Nash Benjamin said: "With improved consumer sentiment, we witnessed comparable store growth in most of our brands as well as full-year contributions from new stores opened during FY17."

The counter closed at 3.7 cents, down 0.2 cent, on Tuesday.