No Signboard replies to SGX queries on its restated earnings

Singapore

SEAFOOD restaurant operator No Signboard Holdings on Wednesday responded to queries from the Singapore Exchange on the rationale behind the significant restatement in its financial numbers after the adoption of actual group accounting principles for its first-quarter 2018 results.

Earlier in February, the group reported a net loss for the fiscal first quarter ended Dec 31, 2017, significantly worse than the S$1.4 million net profit it had initially reported under the old accounting rules.