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Mary Chia Holdings net loss narrows to S$5.8m for FY2018

CATALIST-LISTED slimming services chain Mary Chia Holdings has reported a narrower net loss of S$5.8 million for the financial year ended March 31, compared to a net loss of S$6.1 million for the previous year.

Revenue was flat at S$9.2 million, after an increase in revenue from the sale of its subsidiary's brand, JUVE Daily Essence, was offset from decreases in revenue due to the closure of retail outlets in Singapore and Malaysia. As at March 31, the group had 15 retail outlets in the two countries, down from 18 a year ago.

Loss per share was 3.56 Singapore cents, compared to 3.75 Singapore cents for the previous financial year.

On March 1, the firm announced that its 51-per-cent-owned subsidiary, Hotel Culture, had entered a sales and purchase agreement to dispose of leasehold investment properties at a sales price of S$64.8 million to JL Asia Resources. As at March 31, the properties, previously recognised as investment property and leasehold property, were reclassified as assets held for sale, and stated at S$59.9 million - the lower of the S$59.9 million carrying amount and the S$64.8 million fair value.

Following the property title transfer on May 7, the group will recognise a gain on disposal of approximately S$4.9 million in FY2019.

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Mary Chia said it expects the operating environment to remain challenging amid weak consumer sentiments, rising operating costs and a tight labour market. It added that it will explore various options to enhance its financial position through discussions with strategic investors and/or partners.

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