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Joyas to scale down jewellery products business
SINGAPORE-LISTED metal gifts company Joyas International Holdings said on Thursday it will scale down its jewellery products business.
Joyas said this is "in view of the losses incurred by the jewellery products business, the continued difficult operating environment for the industry and the finite financial resources that the group is able to allocate to each of its business segments".
It added that the company may incur restructuring costs or dispose of its inventories at a loss.
Joyas said after the scale-down, it expects the revenue and costs of the jewellery products business to be reduced.
It also said it will focus its resources and efforts on its metal gifts business, financing business and its nickel ore trading business.