Kitchen Culture posts S$6.4m loss for 18-month financial period 2017

KITCHEN Culture Holdings recorded a widening net loss of S$6.4 million for its financial period 2017, from a net loss of S$5.3 million for the preceding financial year, the group said in a Singapore Exchange filing on Wednesday morning.

For the 18 months ended June 30, revenue leapt 86.4 per cent to S$49.6 million from the previous 12-month financial period ended Dec 31, 2015.

Due to the change in financial year end announced on Sept 6, 2016, the changes in income and expenses between the 18-month financial period from Jan 1, 2016 to June 30, 2017 and the 12-month financial period from Jan 1, 2015 to Dec 31, 2015, are not comparable, it said.

The expansion in revenue was due partly to higher revenue contribution from the residential projects as well as distribution and retail segments.

This was boosted by the increase in Singapore revenue and also Hong Kong and China, offset by the drop in revenue in Malaysia, it said.

Loss per share worsened to 6.4 Singapore cents, from a loss per share of 5.3 Singapore cents for the previous financial period. Net asset value per share dropped to one Singapore cent as at June 30, from 7.3 Singapore cents as at Dec 31, 2015.