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Sakae narrows Q2 net loss to S$734,000
MAINBOARD-LISTED food and beverage (F&B) player Sakae Holdings trimmed its second-quarter loss by a tad, according to results released on Friday, as the Japanese restaurant operator continued with “streamlining group operations”.
Sakae has indicated in the past that such streamlining includes the use of a central kitchen and technology. But with the ongoing Covid-19 outbreak, such unforeseen circumstances are forecast to affect food and beverage businesses “significantly”, it has now said.
This comes even as watch-listed Sakae expects food, labour, rental and utilities costs to continue climbing in the year ahead in the F&B industry, according to its outlook statement.
Net losses narrowed to S$734,000 for the three months to Dec 31, 2019, from S$1.03 million in the year before, on a 18 per cent fall in revenue, to S$9.2 million.
Loss per share came to 0.53 Singapore cent for the quarter, compared with 0.72 Singapore cent previously, while net asset value stood at 21.64 Singapore cents a share, against 22.74 Singapore cents as at June 30, 2019.
For the half-year, the net loss was S$1.57 million, against S$1.78 million before, as revenue shrank by 13.9 per cent to S$18.6 million.
No dividend was recommended, unchanged from the year before, which the board said was “to conserve cash for future operations in view of the prevailing business conditions of the group”.