LifeBrandz warns of full-year loss

Published Tue, Dec 15, 2020 · 10:52 AM

CATALIST-LISTED LifeBrandz on Tuesday warned of a likely loss for its full year ended July 31.

This is mainly due to the impact of the Covid-19 pandemic on the food and beverage (F&B) business in Singapore, the US and Thailand, where the group operates. Its travel business in Japan has also been affected.

LifeBrandz also noted that it will record impairment losses on its fixed assets and right-of-use assets, mainly due to the closure of Hashida Sushi in Singapore and Sushi Nagai in San Francisco.

In September, LifeBrandz announced that a Japanese investor pulled out of a planned restaurant deal with the group. They were supposed to incorporate a new company, Kaji F&B, and open a high-end Kappo-style omakase restaurant by the end of 2020. The omakase restaurant was meant to replace Hashida Sushi.

Shares of LifeBrandz closed up 36.84 per cent at S$0.026 on Tuesday before the announcement.