Due to a deliberate decision from an ongoing strategic business review to consolidate non-performing leases upon expiry, the Food Retail segment reported 14.0% lower revenue this quarter to $4.2 million from $4.8 million in 1Q17.
SINGAPORE (Aug 8): Neo Group reported 1Q18 loss narrowed 74% to $0.7 million from a loss of $2.5 million in 1Q17 as revenue grew 27.3% to $40.6 million.
The group’s flagship Food Catering segment recorded a 5.1% increase in revenue to S$12.4 million in 1Q18 compared to $11.8 million a year ago, boosted by traction gained from Gourmetz – a new 51%-owned catering brand established in November 2016 – which targets the eldercare and childcare niche segments, earnings from which are recurrent in nature.
