Bad Apple business sends Epicentre into $7.1m full-year loss

Epicentre shares were not traded on Wednesday (Aug 29), but were bid at 10 cents and offered at 11 cents.
Epicentre shares were not traded on Wednesday (Aug 29), but were bid at 10 cents and offered at 11 cents. PHOTO: ST FILE

SINGAPORE - Epicentre Holdings fell into the red in the year ended June 30 with a net deficit of $7.1 million, or 4.43 cents per share, from a year-ago profit of $507,000 as it lost money from its Apple-related businesses, the reseller announced late on Wednesday (Aug 29).

Epicentre shares were not traded on Wednesday, but were bid at 10 cents and offered at 11 cents.

Continuing operations contributed a net loss of $3.1 million, or 1.92 cents per share. Discontinued operations, which include the Singapore Apple-related business, posted a net loss of $4.0 million, or 2.51 cents per share, for the period.

Revenue from continuing operations fell 30.5 per cent to $18.35 million, largely from an $11 million decline in revenue from the Malaysian operations, which lost their Apple Premium Reseller status.

Japan IPL Holdings, a hair removal and skin rejuvenation salon in which Epicentre acquired a 51 per cent stake in April 2017, contributed $3.6 million of revenue and $3.4 million of gross profit during the year.

Epicentre's board described the operating environment over the next year as "challenging". It said that a planned acquisition of property development and hotel management businesses announced in June represent an opportunity for the company to venture into new business areas.