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FJ Benjamin widens full-year loss to S$23m
FJ Benjamin Holdings widened its full-year net loss to S$23 million for FY16 compared to S$17 million a year ago.
Loss per share was 4.04 Singapore cents compared to 2.99 Singapore cents last year.
Group turnover was S$253.6 million, down 14 per cent from FY15. Excluding translation effects of foreign currency, group turnover fell 10 per cent.
Turnover from fashion business declined 9 per cent to S$212.5 million and timepieces fell 13 per cent to S$51.6 million, after excluding currency translation loss.
FJ Benjamin attributed the decline in turnover to closure of non-performing stores, discontinued businesses and cession of its North Asian operations and a S$10.4 million translation loss from the conversion of Malaysian ringgit to Singapore dollar on consolidation of group accounts. These more than offset a slight increase in sales from franchise brands.
Gross profit margin was 39 per cent against 41 per cent in the previous year on increased promotional expenses.
Group operating loss, excluding a one-time gain of S$19.6 million from the sale of mandatory convertible bonds and sale of properties in FY15, was 32 per cent lower year on year at S$19.9 million.
FJ Benjamin said that its management will continue to identify opportunities and execute strategies to restore the group's competitiveness even though the operating environment is expected to remain challenging amid uncertain economic slowdown in its key markets. "The restructuring that commenced in 2013 has been substantially completed and associated losses are unlikely to recur," the group said.