THREE years after acquiring US retailer Brookstone, mainboard-listed Osim has written off its investment in the firm after it registered a loss of $99 million last year.
Osim's founder and chief executive Ron Sim said on Wednesday that it was a 'prudent move' in light of the financial crisis, which has also stalled Osim's plans to list Brookstone on the Nasdaq in the second quarter of 2008.
The writedown of investment in Brookstone in no way means Osim plans to sell the firm, added Mr Sim.
He said: 'This means there can be no more downside, and no more cash impact on OSIM in the future- only upside.'
Osim on Wednesday posted a loss of $99.4 million for the year ended Dec 31, 2008. Excluding Brookstone, however, it registered a profit of $15 million, up 18 per cent from the previous year.'
