LONDON (Alliance News) - New Trend Lifestyle Group PLC Thursday reported a widened pretax loss in 2014 as revenue fell and it was hit by adverse trading conditions in Singapore and continued difficulties in China.
The feng shui products and services firm reported a pretax loss in 2014 of SGD1.5 million, wider than the SGD1 million loss reported in 2013, as revenue fell to SGD9.2 million from SGD11.1 million.
New Trend said that adverse conditions in the Singaporean retail environment, including increasing rental costs, together with the cancellation and delay of business development projects in mainland China resulted in its disappointing results. It also booked an impairment charge related to its investment in MNC Strategic Investments PLC.
The company revealed in April that it will cease all retail operations in China and instead concentrate on restoring profitability in Singapore. Some of the China projects that can be managed from Singapore will continue to be developed in the coming year but significant amounts of cash will not be invested in them, it said.
"Trading in the first four months of the year has been in line with management's expectations and the company has traded at a modest loss before tax. The board believes that the company is on track to be trading profitably on a month by month basis by the fourth quarter of 2015," New Trend said in a statement.
Shares in New Trend last traded at 0.88 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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