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SK Jewellery warns of H1 2020 net loss amid virus-related revenue drop

CATALIST-LISTED SK Jewellery Group will likely post a six-month net loss for the first half to June 30, as the coronavirus pandemic has hit its retail revenue, it said in an update on Friday.

More details will be disclosed in the group’s unaudited financial statements, which are set to be released by Aug 17, the board said in its bourse filing.

It noted that SK Jewellery stores in Singapore and Malaysia are still shut, following movement restrictions that were imposed on both sides of the Causeway several months ago to curb the spread of the virus.

Still, the group will work to become more competitive and increase its turnover when the coronavirus situation is over, the board said. It cited a recent ramp-up in online marketing activities, such as sales channels on the Lazada and Shopee e-commerce platforms.

Shareholders were advised to exercise caution when trading in the shares of the company.

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