SINGAPORE - Sushi restaurant operator Sakae Holdings on Thursday night (Nov 14) said its first-quarter net loss widened to $831,000 from $366,000 a year ago, as a result of the group streamlining its operations.
Sakae, which is on the Singapore Exchange's (SGX) watch list, saw its loss per share rise to 0.60 cent for the quarter from 0.35 cent a year ago.
Revenue for the three months to Sept 30 fell 9.5 per cent to $9.4 million, from $10.4 million a year ago, after the streamlining of operations resulted in the reduction of revenue, a decrease in cost of sales, labour costs and administrative costs.
No dividend was declared for the quarter, unchanged from a year ago.'
The group said it expects operating conditions to be challenging as food, labour, rental and utilities costs continue to rise in the foreseeable 12 months ahead.
This is due to the current uncertain global economic climate, ever present intense competition in the food and beverage (F&B) industry, and perennial acute labour shortage, said the Sakae.
"The group will continue to work hard to manage the challenging operating conditions in the F&B industry," it added.
Sakae shares last closed on Wednesday at 8.2 cents. It was placed on the SGX watch list on June 6.