SINGAPORE - Kitchen Culture on Thursday (Aug 30) posted revenue of $14.5 million for its fiscal year ended June 30, 2018, compared with $49.6 million for the 18-month financial period from Jan 1, 2016 to June 30, 2017, as the group is in the midst of changing its financial year-end from December to June.
Besides the shorter reporting period, the company also attributed the lower turnover to lower revenue contribution from the residential projects segment due to fewer projects on hand, as well as from the distribution and retail segment due mainly to slowdown in retail sales.
Earnings wise, it incurred a net loss of $3.8 million, compared to a net loss of $6.9 million for the prior 18-month period. Loss per share was 3.8 cents, versus 6.9 cents for the preceding period, on the back of the lower revenue and shorter 12-month period.
The group said that the business outlook in Singapore and in the regions which it operates in is expected to remain challenging and competitive for the next 12 months, given the present economic outlook and uncertainty in the global economy.
"There are plans to broaden the group's business by entering the mass market sector through a relaunch of the group's Pureform brand for kitchen and wardrobe systems, and any interior fit-out solutions, as well as to expand the group's businesses through KROOM, which retails premium kitchen appliances and accessories, and kitchen and wardrobe systems," it added.