TSH Corp issues net loss warning for FY2020

TSH Corporation, which operates cocktail and whisky bars such as The Other Room and Quaich Bar, said it is expecting a financial loss for FY2020.

In a business update to the Singapore Exchange on Thursday, the group reported a more than 50 per cent fall in revenue for the nine months ended Sept 30 from a year ago.

Key management and certain managers continue to take a pay cut following the cost saving measures announced on April 29.

At this stage, the company is unable to determine the extent of the financial impact on its earnings per share and net asset value per share for the current financial year ending Dec 31, 2020, it said.

Barring any unforeseen circumstances, the expected losses for FY2020 and the decrease in cash and cash equivalents are not expected to affect the ability of the group to continue as a going concern and to fulfil its obligations as and when they fall due, TSH Corp added.

Its bars Copper and The Other Roof have since resumed dine-in services in June, while Quaich Bar has resumed operations with a food menu on Thursday.

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TSH was formerly a consumer electronics and homeland security devices firm that became a cash company in August 2016 after selling its operating business and assets. Through a reverse takeover, TSH acquired Sloshed! - which operates pubs and bars, as well as the import, export and distribution of spirits.

It now operates five outlets covering four concepts - whisky bars Quaich Bar and Copper, as well as cocktail bars The Other Room and The Other Roof.

TSH's shares closed flat at S$0.102 on Thursday, before the announcement was made.