No Signboard cuts losses by 66.4% YoY to $423,205 in 3Q23
For 9M23, the company narrowed its losses to $1.2m.
No Signboard was able to cut its losses in 3Q23 to $423,205, a 66.4% YoY drop from its 3Q22 loss of $1.26m.
The company was also able to narrow its losses for the 9M23 period to $1.2m from the $2.16m loss in 9M22 (-46.6% YoY).
The company was able to narrow its losses despite posting a 36.9% YoY revenue of $625,308 in 3Q23.
In a bourse filing, the company said the challenging operating environment of the local food and beverage industry in the next 12 months due to higher operating and manpower costs will impact its profit margins.
“Despite the challenges, there are opportunities for businesses to succeed and thrive in this dynamic market. The group’s urgent priorities are to complete the Restructuring Exercise, the Proposed Investment and to resume trading of its shares on the Singapore Exchange Securities Trading Limited as soon as possible,” the company said.
“In the meantime, the group is preserving its cash to support working capital requirements, continue to keep operating costs low and ensure that the Group has sufficient resources to tide through this period,” No Signboard added.