No Signboard Q2 losses widen to S$2.4 million

Annabeth Leow

Published Fri, May 15, 2020 · 03:39 PM

CATALIST-LISTED food and beverage group No Signboard Holdings saw losses balloon in the second quarter, which it blamed in part on the impact of the coronavirus pandemic.

Net loss swelled to S$2.4 million for the three months to March 31, from S$337,500 in the year before, as revenue fell by 39.1 per cent year on year, to S$4.1 million.

Both the top and bottom lines have taken hits from a decline in customers since February, No Signboard told investors, as ever-tighter travel curbs depressed tourist arrivals.

The group said its key priority is "to preserve cash to support working capital requirements" until the coronavirus situation improves. Still, it expects the local food and beverage operating environment to stay challenging in the next 12 months, which will be seen in this year's results.

Loss per share widened to 0.52 Singapore cent, from 0.07 Singapore cent prior, while net asset value was 2.82 Singapore cents a share, against 3.66 Singapore cents as at Sept 30, 2019.

For the six months, No Signboard clocked a loss of S$3.6 million, against S$911,200 previously. Revenue slid by 18.4 per cent to S$10.1 million in the same period, which was also due to the two-month closure of a seafood restaurant outlet at Esplanade for major renovation works.