Mary Chia foresees fiscal 2020 net loss worsening
BEAUTY and wellness company Mary Chia Holdings expects a "significant" increase in its net loss for the full year ended March 31, 2020, compared with the net loss of S$1.4 million recorded for the six months ended Sept 30, 2019.
This comes as governments' measures in response to the novel coronavirus pandemic has had a "significant" impact on the group's operations in Singapore and Malaysia, the Catalist-listed firm said in a profit guidance late Wednesday night.
Mary Chia had to close all its outlets in Singapore during the city-state's "circuit breaker", as well as all outlets in Johor Bahru and Kuala Lumpur during Malaysia's movement control order.
The expected net loss for FY2020 is also attributable to the impairment on the group's right-of-use assets and property plant and equipment, given the uncertain business environment and lack of visibility on when business conditions will improve due to the pandemic.
The Singapore Exchange earlier granted an automatic extension for the company to release its full-year unaudited results for FY2020, by end-July.
Mary Chia on Wednesday said it has applied for a further one-month extension to announce its results by Aug 30.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Its shares last traded on June 23 at 17.9 Singapore cents.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered