LifeBrandz third quarter loss widens to S$690,000

LIFESTYLE group LifeBrandz saw losses widen in the third quarter of the financial year to S$690,000 for the three months ended Apr 30, compared to a loss of S$260,000 the year before.

Though revenue more than quadrupled to S$898,000 from S$185,000 previously, total expenses also rose to S$1.6 million from S$446,000 million.

The increase in revenue was due mainly to new transactions in tourism business e-Holidays, which accounted for 73 per cent of group revenue. Food and beverage sales at Irish pub Mulligans Pattaya also rose 23 per cent due to a rise in tourist spending and better business conditions during the Thai Songkran festival in that period, said LifeBrandz.

Inventories and services expenses rose to S$672,000 from S$71,000, mainly due to high sales activities from travel services and F&B. Advertising, media and entertainment expenses rose to S$48,000 from S$3,000, while employee benefits rose to S$569,000 from S$215,000.

LifeBrandz shares closed unchanged at 1.2 Singapore cents on Tuesday.