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No Signboard's Q2 profits slide 71.4% on falling restaurant revenue

A FALL in revenue from its restaurant business as well as a rise in operating costs dented seafood chain No Signboard's second fiscal quarter results, falling 71.4 per cent to S$474,218 from S$1.66 million in the previous year-ago period.

That was despite a 19 per cent rise in revenue to S$6.7 million from S$5.63 million the previous corresponding period.

Earnings per share similarly fell to 0.10 Singapore cent in Q2 from 0.36 Singapore cent the same quarter last year.

The group also saw its employee expenses grow as a result of its Catalist listing at the tail end of 2017, with staff costs rising 52.2 per cent for Q2 to S$2.2 million compared to S$1.5 million recorded in Q2 the previous year.

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Overall for the six months ended March 31, profit attributable to company owners was S$1.92 million, down 25.7 per cent, on the back of a 12.3 per cent rise in the top line to S$10.84 million.

As at March 31, the group's cash and cash equivalents was S$27.1 million.

"The group continues to see a stable revenue stream for its premium seafood restaurants. The group is continuing to work on the development of the new casual dining concept restaurants while it works to turnaround the operations of the beer business and its expansion," No Signboard said in its exchange filing.

No Signboard's counter ended Tuesday trading unchanged at S$0.191 apiece.