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Sakae Q1 earnings fall 63.6% to S$75,000

SAKAE Holdings' earnings for the first quarter fell 63.6 per cent year-on-year to S$75,000 from S$206,000 as streamlined operations led to lower revenue, the operator of conveyor belt sushi restaurants announced on Wednesday. 

This translated to earnings per share (EPS) of 0.05 Singapore cent for the three months ended September, a third of the EPS of 0.15 Singapore cent for the corresponding period a year ago.

Revenue was 36.6 per cent lower at S$10.4 million, compared to S$16.4 million a year ago.

The group had negative operating cash flow of S$1.3 million in the first quarter but it said that it would be cautious in ensuring continuous growth in operations and in managing its operating costs effectively.

On its sugar trade business that turned sour, Sakae repeated its statement that investigations are still on-going and it will provide updates as and when it is appropriate to do so. The company announced in September that its auditors had questioned the validity of certain commodity trade transactions. Sakae has since filed a police report.

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Due to intense competition within the food and beverage (F&B) industry, in addition to acute labour shortages, the group expects operating conditions to be challenging as food, labour, rental and utilities costs continue to rise in the foreseeable next 12 months.

The counter was last traded on Nov 2 at 15 Singapore cents.

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