Seafood restaurant operator No Signboard Holdings sank further under water in the first quarter, it reported yesterday.
The Catalist-listed firm recorded a net loss of $573,643 for the three months to Dec 31 from a restated loss of $416,366 a year earlier.
This comes after numbers from the previous year were significantly restated after the company adopted the latest accounting rules.
Under the new accounting framework, the group reported a restated net loss of $416,366 for the first quarter ended Dec 31, 2017, a marked difference from the $1.4 million net profit it had initially reported under the old accounting rules.
Revenue in the latest quarter fell 16.1 per cent to $5.6 million, as a result of loss of turnover from the month-long closure of an outlet for repair works and a decline in average spending per restaurant customer.
The termination of non-performing sales contracts of customers in the entertainment establishments as part of the beer business restructuring exercise had an effect as well.
Loss per share stood at 0.12 cent for the quarter, compared with 0.09 cent a year ago.
No dividend was declared.
The firm told the Singapore Exchange (SGX) yesterday that it expects to open two more outlets under the Hawker brand and planned to open one under Mom's Touch brand, for which it has secured an exclusive master franchise agreement in Singapore and Malaysia.
No Signboard said it continues to develop new brands and work on overseas expansion plans.
"With the completion of the beer business restructuring exercise, the beer business will work on expanding the distribution channels for the beer in accordance with the new sales strategy," it said.
No Signboard halted trading in its shares after Thursday's morning session, when the stock surged nearly 24 per cent, prompting a query from the SGX. It also requested a trading halt at 12.30pm on Thursday pending an announcement.
The company has not yet responded to the SGX queries.