SEAFOOD restaurant operator No Signboard has reported a net loss of S$6.4 million for the year ended Sept 30, narrowing from S$9.8 million a year ago.

This translates to a net loss per share of 1.37 cents, compared with 2.13 cents a year ago.

Still, total revenue tumbled 42 per cent year on year to S$7.9 million in FY2021 amid the prolonged pandemic.

Since February 2020, the group's topline has been impacted by the decline in number of customers when Singapore implemented travel entry restrictions on short-term visitors.

Till the end of FY2021, revenue continues to be impacted by travel restrictions and safe distancing regulations which resulted in outlets not able to operate on the same level as in pre-Covid times, said No Signboard in a bourse filing on Monday (Nov 29).

The seafood restaurants sales accounted for 31.5 per cent of total revenue for FY2021, down from 58.1 per cent a year ago.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Meanwhile, hotpot sales and quick-serve restaurants respectively contributed to about 33.6 per cent and 29.1 per cent of total revenue, up from 19.8 per cent and 9.5 per cent a year ago.

Beer business was significantly impacted during the year as most of the outlets where beer is distributed have been closed during the circuit-breaker period and remained closed as at end-September 2021.

There was a decline in total assets from S$18.2 million in FY2020 to S$11.8 million in FY2021, mainly due to a fall in cash and bank balances of S$6.6 million.

Total liabilities increased from S$9.3 million to S$9.6 million due to an increase in lease liabilities of S$700,000 and bank borrowings of S$1 million which is offset by the decrease in trade and other payables of S$900,000 due to lower revenue.

As there is no certainty on the severity and the duration relating to the global business recovery, the group said its current priority is to preserve cash to support working capital requirements, continue to keep operating costs low and to ensure that it has sufficient resources to tide through this period, including exploring additional fund-raising activities and options.

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.

There are plans to open more casual, quick-serve dining outlets at locations with high traffic.

Shares of No Signboard closed flat at S$0.041 on Monday.