SAKAE Holdings, which owns the Sakae Sushi restaurant chain, posted a net loss attributable to shareholders of S$134,000 for its first quarter ended Sep 30, turning red after a S$69,000 profit in the same period last year.

The results translate to loss per share of 0.1 Singapore cent, against earnings per share of 0.05 cent the year before.

Revenue was down 32.5 per cent to S$3.8 million on the back of dining restrictions and reduced operating capacities at restaurants, the company said.

It added that given the "unstable" economic sentiment, Sakae Holdings plans to reduce the number of physical outlets and focus more on online and delivery sales.

Cost of sales decreased by 22.7 per cent to S$1.3 million, while gross profit fell 36.8 per cent to S$2.5 million.

The 3 months also saw a net cash and cash equivalents inflow of S$76,000, with that of the period ending at S$2.7 million.

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"No dividend has been declared or recommended for the current financial period in view of the group's financial position as at Sep 30, 2021, and as the group wishes to conserve cash to fulfil its operational and financial requirements," Sakae Holdings said.

Shares of Sakae Holdings closed flat at 12.5 Singapore cents on Friday (Nov 12).