Sakae Holdings on Thursday posted a net loss of $13.4 million for the financial year ended June 30, after recognising a goodwill impairment of $3.2 million connected to its purchase of a 51 per cent equity interest in Cocosa Export.
In addition, it recorded an impairment loss of $2.8 million under other receivables.
Revenue plunged 52.8 per cent to $44.4 million for the year, compared with $94.2 million for the 18 months ended June 30 last year. The sushi restaurant operator said this came from streamlining operations, which resulted in a reduction of revenue as well as cost of sales and labour costs.
By managing the use of raw materials for its restaurant business, Sakae maintained its gross profit margin at 62.8 per cent despite rising prices, the group said.
Loss per share was 9.61 cents, in contrast with earnings per share of 3.05 cents in the previous 18-month period.
Raffles Infrastructure Holdings
Raffles Infrastructure Holdings, formerly known as China Fibretech, has swung back into the black with a net profit of 32.6 million yuan (S$6.3 million) for FY2019, versus a net loss of 3.1 million yuan as of end-December 2017.
The watch-listed company had in February this year announced the change of its financial year from Dec 31 to June 30. Therefore, its latest financial statements covered a period of 18 months from Jan 1 last year to June 30 this year.
Earnings per share came in at 0.61 yuan, versus a loss per share of 0.35 yuan previously.
Revenue surged to 208.9 million yuan, from 27 million yuan for the period to December 2017. This was mainly due to contributions from its infrastructure segment, from the Xingwen County rural road infrastructure project worth some 550 million yuan, the company said.
No dividend has been declared for the year ended June 30 as the group believes that it is more beneficial to reinvest the profits for the rapid growth of business, it said.
With its profit turnaround in FY2019, the group intends to apply to the Singapore Exchange (SGX) to exit the bourse's watch list under the financial exit criteria, subject to approval from the regulators.
Raffles Infrastructure was placed on the SGX watch list on June 6, and has 36 months to cure this status or risk being delisted.