LONDON (Alliance News) - New Trend Lifestyle Group PLC on Monday reported an interim loss flat on the year before despite increased revenue.
The Singapore-based 'feng shui' products and services company posted a pretax loss for the six months ended June of SGD1.1 million, about GBP614,000, broadly unchanged from the year before.
New Trend's revenue in the first half increased 25% to SGD2.5 million from SGD2.0 million.
The company's cost of sales increased 32% to SGD730,000 from SGD554,000 and its administrative expenses increased to SGD3.0 million from SGD2.9 million.
New Trend said the increase in overheads was a result of an increased headcount and commissions.
The company attributed the increase in revenue to the sales and marketing initiatives implemented starting to take effect.
New Trend said its search is ongoing in an attempt to find a suitable acquisition, in line with its stated strategy.
The company is "hopeful" the improvement in sales seen in the first half will continue throughout the year despite the "challenging" trading conditions in Singapore.
New Trend's short term outlook is "cautious" and said it is "difficult to ascertain" whether the improvement seen in the first half will continue.
The company expects to make a loss for the full year but is "hopeful" it will improve on the prior year. In 2017, it posted a pretax loss of SGD1.6 million and revenue of SGD4.9 million.
Shares in New Trend Lifestyle were untraded Monday but last closed at 0.62 pence each.