No Signboard Holdings
No Signboard Holdings will impair the goodwill and intangible asset related to its beer business to reflect an underperforming segment. In a filing with the Singapore Exchange yesterday, it said it had undertaken a review on the recoverability of the group's goodwill and intangible asset of its beer business, and has decided to impair the asset - or permanently lower its value - in accordance with Singapore Financial Reporting Standards.
Therefore, it is expected to record accounting losses - or losses outside the normal operations of its business - for the fourth quarter and full-year of financial year 2018. "Such impairment is primarily attributable to the fact that the beer business had not performed as anticipated," it added.
No Signboard had said previously that it would build a new brewery in Indonesia and grow its range of in-house beer brands.
In June this year, it scooped up the remaining 20 per cent stake in Danish Breweries for $400,000. Danish Breweries owns its signature Draft Denmark brand and it manufactures and distributes Draft Denmark lagers in Singapore.
Banyan Tree Holdings
A unit of resort operator Banyan Tree Holdings plans to sell 18.6 per cent of its stake in a joint venture with China Vanke, Banyan Tree Assets (China) Holdings (BTAC), to China Vanke for $78.6 million. BTAC is a joint venture company formed between Banyan Tree Holdings and Vanke for holding mainly all of the hotels and real estate assets of the joint venture in China.
The stake was sold through its unit Banyan Tree China (BTC), which had owned 22.8 per cent of the shareholding in BTAC prior to the proposed sale, taking BTC's stake in BTAC to 4.2 per cent. BTC has further right to sell nearly all - up to 99 per cent - of the remaining shareholding in BTAC in or after eight years.
Chilli crab restaurant chain Jumbo Group on Wednesday reported a 23.8 per cent fall in net profit for its fiscal 2018, as it digested its expansion of the Jumbo Seafood chain in China and an addition of the franchise to operate Hong Kong's Tsui Wah Cha Chaan Teng here.
Net profit for the 12 months ended Sept 30, 2018 stood at $11 million, down from $14.5 million a year ago. This comes despite a 5.5 per cent lift in revenue to $153 million, as expenses rose at a quicker pace. Earnings per share stood at 1.7 cents, down from 2.3 cents.