Sakae Holdings back in black with $1m profit for Q4

Sakae Holdings' net profit came in at $1.0 million, a reversal from a net loss of $12.6 million in the preceding year.
Sakae Holdings' net profit came in at $1.0 million, a reversal from a net loss of $12.6 million in the preceding year. ST PHOTO: FELINE LIM

SINGAPORE - Sakae Holdings saw its fourth quarter earnings boosted by reduced operating expenses due to the group's write-back of an impairment loss and reduction in rental, utilities and other expenses resulting from its rationalisation exercise.

The impairment loss was on its investment in its associate companies, Griffin Real Estate Investment Holdings and Gryphon Capital Management.

Net profit came in at $1.0 million, a reversal from a net loss of $12.6 million in the preceding year, the group said in a Singapore Exchange filing on Wednesday evening (Aug 29).

For the three months ended June 30, revenue fell 20.3 per cent to $68.9 million from the previous year. The decrease in revenue was due partly to the streamlining of the group's operations along with its continuing rationalisation exercise on non-performing outlets in Singapore, it said.

Earnings per share came in at 3.51 cents, a reversal from a loss per share of 9.06 cents in the previous year. Net asset value per share expanded to 30.08 cents as at June 30, from 23.94 cents six months ago.