Lifebrandz's Q2 net loss narrows to S$366,000

DESPITE a 20 per cent year-on-year fall in revenue, Lifebrandz's second quarter net loss for the three months ended Jan 31, 2016, narrowed to S$366,000 from S$929,000.

This was thanks in part to a 14 per cent drop in total expenses to S$606,000.

Explaining the decline in revenue to S$303,000 from S$377,000, the entertainment group said: "The drop in sales was mainly contributed from the lower food & beverage (F&B) sales activities for Mulligan's. The outlet saw a slowdown on the tourist arrival and spending during the festive period mainly affected by the economical and weather conditions.

"Sales performance has also been distorted by competition from new F&B entrants at the vicinity."

Loss per share stood at 0.01 Singapore cent, compared with a loss per share of 0.04 Singapore cent in the corresponding quarter a year ago.

No dividend was declared.

Commenting on the 12-month outlook, Lifebrandz said: "The group continues to remain cautious about the outlook and condition of the overall business environment. The board is mindful of the intense competition of this industry and will continue to explore business opportunities including fund raising exercise to position and transform its business profile and strategic direction."

Lifebrandz was last traded at 0.3 Singapore cent per share.