Sakae warns of fiscal 2019 loss on S$3.2m impairment charge
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
