Sakae posts $1m profit on reduced operating expenses

Sakae Holdings saw its fourth-quarter performance 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 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.

For the three months ended June 30, revenue fell by 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, the group 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.

  • AT A GLANCE

  • Revenue:

    $68.9 million (-20.3%)

    Net profit:

    $1 million (not meaningful)

A version of this article appeared in the print edition of The Straits Times on August 31, 2018, with the headline 'Sakae posts $1m profit on reduced operating expenses'. Print Edition | Subscribe