No Signboard Holdings overall revenue down 29.5% due to low sales
The total revenue was at $4.5m in the nine months ending 30 June 2022.
Lower sales from its restaurant businesses led to decline of No Signboard Holdings’ earnings, which reported a $4.5m overall revenue for the nine months that ended in June 2022 (9M 2022).
According to the unaudited financial statement, this was 29.5% lower than the $6.4m recorded in the previous comparative period. For the third quarter of 2022, the revenue was 44.1% lower.
Reduction in revenue stemmed from lower seafood restaurants sales which declined by $1.5m in 9M 2022 due to strict border rules.
Its hotpot sales also declined by $0.6m in 9M 2022 following closure of the One Fullerton outlet in November. But in Q3 2022, hotpot sales went up by $0.1m following relaxed dining regulations which raised the number of customers at Orchard Gateway.
Quick-serve restaurants of No Signboard were also affected by closures, which declined overall sales by $1.1m in 9M2022.
The beer business posted lower sales by $0.2 million in 9M2022 because most of the distributors were closed during this period. Its Danish Breweries Pte Ltd was also put under the voluntary creditors’ liquidation in March 2022.
The reduction from its sales were mitigated following the sales of Sheng Jian, which posted $1.5m in 9M2022, which accounted for 33.2% of the total revenue for 9M2022.