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Sakae back in the black with S$1m Q4 profit
REDUCED operating expenses due to the group's write-back of its impairment loss on its investment in its associate companies, Griffin Real Estate Investment Holdings and Gryphon Capital Management, and reduction in rental, utilities and other expenses resulting from its rationalisation exercise, lent a boost to results for Sakae Holdings for its fourth quarter.
Net profit was S$1.0 million, a reversal from a net loss of S$12.6 million in the preceding year, the group said in a Singapore Exchange filing on Wednesday evening.
For the three months ended June 30, revenue fell 20.3 per cent to S$68.9 million from the previous year. The decrease in revenue was due partly to the streamlining of the group’s operations along with its continuing rationalisation exercise on non-performing outlets in Singapore, it said.
Earnings per share came in at 3.51 Singapore cents, a reversal from a loss per share of 9.06 Singapore cents in the previous year. Net asset value per share expanded to 30.08 Singapore cents as at June 30, from 23.94 Singapore cents six months ago.