FJ Benjamin posts $23 mil net loss in FY16

SINGAPORE (Aug 26): FJ Benjamin has posted a net loss of $23 million for FY16, a 35% increase over the net loss of $17 million in FY15.

For the year to June, revenue declined 14% to $253.6 million due to the closure of non-performing stores, discontinued businesses and the cessation of its North Asian operations, which were mitigated by the slight increase in sales from its franchise brands.

The group also recorded a $10.4 million translation loss, from the conversion of ringgit to its reporting currency, the Singapore dollar. Excluding translation losses, group revenue would have fallen 10%.

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