You are here
No Signboard full-year loss widens to S$9.8m on lower revenue
CATALIST-LISTED food and beverage group No Signboard Holdings sank deeper into the red for the financial year ended Sept 30, 2020, on lower revenue, it said in an exchange filing on Sunday.
Net loss for the year widened to S$9.8 million from S$4.9 million a year ago. On a per share basis, its net loss amounted to 2.13 Singapore cents for FY2020, compared to 1.05 cents a year ago.
No dividend was declared, unchanged from the year before, as there were no distributable profits, No Signboard said.
Revenue fell by 46.8 per cent to S$13.6 million for FY2020, from S$25.5 million for FY2019.
Revenue was impacted by a temporary closure of its seafood restaurant at Esplanade for two months for renovations earlier in the year. No Signboard said that revenue for seafood and hotpot restaurants also declined significantly from the second quarter of this year due to lower tourist footfalls at most of its outlets arising from travel entry restrictions on incoming foreigners.
No Signboard said it has seen gradual revenue improvement due to the commencement of Phase Two of the progressive economic reopening in Singapore.
"Notwithstanding, business in the short term would not be able to operate on the same level as it was before, prior to the onset of Covid-19," No Signboard said.
It added that its business is still impacted by ongoing travel restrictions, social distancing measures and people generally being more cautious when dining out.
"The group expects the operating environment of the local food and beverage industry to remain challenging in the next 12 months, due to uncertain economic outlook aggravated by travel restriction imposed globally that dampened consumers' demand," No Signboard said.
"The group's current key priority is to preserve cash to support working capital requirements until Covid-19 situation improves and to ensure that the group has sufficient resources to tide through this period."
Net asset value for the group stood at 1.47 Singapore cents per share as at Sept 30, 2020, down from 3.66 cents a year earlier.
No Signboard said it will also continue to explore suitable opportunities to strengthen its competitive edge in its existing business and expand its food and beverage business both in Singapore and overseas.
No Signboard shares closed unchanged at 3.2 Singapore cents on Friday.