Sakae warns of fiscal 2019 loss on S$3.2m impairment charge
Add BT as a preferred source
SAKAE Holdings expects to record a loss for the financial year ended June 30, largely from a goodwill impairment of S$3.2 million in connection with its purchase of a 51 per cent equity interest in Cocosa Export.
It also saw an impairment loss of around S$2.8 million under other receivables associated with the group's investment in Cocosa Export and related entities, the operator of conveyor belt sushi restaurants said in a profit guidance issued on Thursday just before midnight.
Cocosa Export is a Chilean frozen seafood production and trading company in which the group acquired a stake in March 2016.
Sakae Holdings last closed at 8.5 Singapore cents on Wednesday, down 0.5 cent or 5.56 per cent. The group disclosed on June 5 that it had been placed on the Singapore Exchange watch list.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Father-and-son duo Raj Kumar and Kishin in exclusive due diligence to buy Scotts Square
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Koh Brothers Eco Engineering faces up to S$57.6 million in potential legal liabilities
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
