Sakae Sushi owner flags full-year loss on $3.2m impairment charge
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Sakae Holdings last closed at 8.5 cents on Wednesday, down 0.5 cent or 5.56 per cent.
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SINGAPORE - Sakae Holdings, best known for its Sakae Sushi restaurant chain, said on Thursday night (Aug 22) that it expects to record a loss for the financial year ended June 30.
This is largely from a goodwill impairment of $3.2 million in connection with its purchase of a 51 per cent equity interest in Cocosa Export, said the company in an exchange filing.
It also saw an impairment loss of around $2.8 million under other receivables associated with the group's investment in Cocosa Export and related entities, the operator of conveyor belt sushi restaurants said in a profit guidance issued on Thursday just before midnight.
Cocosa Export is a Chilean frozen seafood production and trading company in which the group acquired a stake in March 2016.
Sakae Holdings last closed at 8.5 cents on Wednesday, down 0.5 cent or 5.56 per cent. The group disclosed on June 5 that it had been placed on the Singapore Exchange watch list.
