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SunMoon posts net loss in Q1

SUNMOON Food Company on Wednesday sank into the red with a net loss of S$122,000 for the first quarter ended June 30, 2020, from a net profit of S$104,000 a year ago.

This comes on the back of significant disruptions to all aspects of the group's operations, including its supply chain as well as distribution due to the Covid-19 pandemic, said the group in its financial statements.

Revenue rose to S$8.5 million for the quarter compared with S$5.4 million a year ago, on the back of an expansion of product offerings in China markets since September 2019. Previously, it relied only on fresh fruits sales.

Loss per share stood at 0.0157 Singapore cent, compared to earnings per share of 0.0134 Singapore cent a year ago.

The company did not declare any dividend as the group was loss-making, it said.

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"Currently, we have no visibility on when things would return to normal. During this difficult time, we will continue to control our costs and streamline our supply chain management and expand the scope of the fulfullment of various types of fresh produce within the agri-product segment," it said.

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