SINGAPORE (Feb 14): FJ Benjamin Holding has reported 2Q17 net losses widened 96% to $7.2 million from the net loss of $3.7 million in 2Q16.
In the quarter to December, revenue fell 12% to $62.5 million, after the group discontinued brands and businesses which contributed $4.8 million to group revenue in the previous corresponding quarter.
Total operating expenses fell 9% to $27.8 million on the back of cost control measures across all business units.
Net losses widened due to the foreign exchange translation loss of $3.2 million in the current quarter, compared with the $32,000 loss in 2Q16.
FJ Benjamin said in a filing to the Singapore Exchange that its business remained challenging due to the economic slowdown in its key markets and the weakness of the regional currencies, but added that it continues to focus on identifying opportunities that would enable it to return to profitability.
In a separate update, the group said that it remains in discussions with an international third party over a potential transaction that would enhance or unlock shareholder value and enable the group to be removed from the Singapore Exchange’s Watch List.
The group did not declare any dividends in the current financial period.
Shares in FJ Benjamin closed 0.4 cents lower at 5.4 cents on Tuesday.
