Company Briefs: No Signboard

No Signboard

Seafood restaurant operator No Signboard is closing its hawker-themed fast-food outlets due to "continuing losses".

The Hawker QSR outlets are located at Esplanade Mall, Jewel Changi Airport and Kent Ridge.

The group said it expects an impairment loss of approximately $500,000, which were incurred for the outlets' renovations, as a result of closing these restaurants for the financial year ending Sept 30.

No Signboard said it is currently looking for replacement tenants and will make the necessary announcements as and when there are material updates on the matter.


ISOTeam

ISOTeam yesterday said its unit is buying Mobike's bike-sharing licence and 25,000 bicycles in Singapore for $2.54 million.

The unit, SG Bike, will also assume Mobike's liabilities to repay user deposits and pre-payments to the tune of $2.02 million.

Mobike, once the largest player in the Singapore bike-sharing scene, was reported in March to be withdrawing from the Singapore market, following the failures of fellow operators oBike and ofo.

The firm has not committed to a date to leave the Singapore market, according to a Straits Times report.

According to ISOTeam's exchange filing, SG Bike will pay Mobike the purchase consideration in cash. As for the assumed liabilities, SG Bike will pay "at its discretion".

ISOTeam said the proposed acquisition will "enable SG Bike to expand its business and promote an active and environment-friendly lifestyle by increasing its fleet of bikes".


Hong Leong Finance

Hong Leong Finance made a net profit of $26.3 million in the second quarter, down 11.1 per cent from the same period a year earlier.

Interest income and hiring charges in the three months ended June 30 came to $98.1 million, up 12.3 per cent, it said on Thursday.

Interest expense rose 41.5 per cent to $47.2 million. Net interest income fell 5.8 per cent to $50.9 million, driven by the higher cost of funds outpacing the improved loan yield amid a competitive interest-rate environment, the group said.

Net interest margin was down by 14 basis points in the second quarter.

An interim dividend of five cents will be paid on Sept 11, the same as last year.

Earnings per share was 23.56 cents, down from 26.53 cents in the second quarter last year.

Net loan assets stood at $11.2 million as of June 30. Net asset value per share was $4.22 as of June 30.

The counter fell one cent, or 0.37 per cent, to $2.71 on Thursday before the results were announced.

A version of this article appeared in the print edition of The Straits Times on August 10, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe