Sakae posts S$6.1m Q3 loss on S$3.2m goodwill charge for Chilean unit

Singapore

SAKAE Holdings has reported a S$6.1 million net loss for its third quarter, reversing from a S$306,000 profit for the year-ago period, after recognising a S$3.2 million goodwill impairment charge for its majority stake in a Chilean seafood trader.

It is the second consecutive quarter that the sushi restaurant operator is seeing red, amid intense competition within the food and beverage industry. The group expects operating conditions to be challenging as food, labour, rental and utilities costs will likely continue to rise in the next 12 months.