Nutryfarm International posts narrower loss in Q1 FY21

NUTRYFARM International narrowed losses to HK$0.96 million (S$0.16 million) for the three months ended Dec 31, 2020, from a net loss of HK$3.14 million a year ago.

Revenue for Q1 FY21 rose 12 per cent year-on-year to HK$14.69 million, with revenue generated solely by its subsidiary NFC.

Loss per share worked out to 0.91 HK cent, compared to a loss per share of 3.26 HK cents a year ago. Administrative expenses also eased by 37 per cent to HK$3.49 million during the quarter under review due to reduced staff costs and travelling expenses, which also helped to curb losses.

In an update, NutryFarm said that economic activities have slowly restarted in China, and that NFC is looking at ways to turn the business around.

Meanwhile, NutryFarm has also incorporated a subsidiary in Singapore which has entered into four agreements totalling 962 million yuan (S$197.36 million) to sell fresh durians to major Chinese fruit importers. It added that it believes the fruit business could make "reasonable" profit contributions as well as generate positive cash flow to the group.

Shares in NutryFarm closed at 49 Singapore cents on Thursday, down half a cent or 1.01 per cent.