FJ Benjamin reports 23 per cent improvement in full-year net loss

SINGAPORE - Fashion and lifestyle group FJ Benjamin Holdings reported a 23 per cent improvement in net loss for the full year.

Net loss for the 12 months to June 30 was S$17 million, while revenue fell 20 per cent to S$293.4 million.

Loss per share for the year improved to 2.99 cents, compared with 3.89 cents a year ago, while net asset value per share was 14.94 cents as at June 30, down from 18.04 cents a year ago.

There was no dividend declared, but the firm had declared a first and final dividend of 0.25 cents a share a year ago.

The firm said in a statement: "It has been a difficult year with the reduction of business primarily in North Asia, the decline in tourist arrivals, coupled with currency depreciation."

It said proactive action has been taken "to rationalise its store portfolio" and trim costs. The firm said the result was incurred impairment for store closures, early termination of leases, stock provisions and redundancies.

"While this has impacted turnover, it has yielded significant improvements in the productivity of its stores across the region."

rachaelb@sph.com.sg