Sakae Sushi's parent company reports 36.6% revenue decline for Q1
The decrease is said to have dragged down by streamlining of group operations.
Sakae Holdings, the parent company of Sakae Sushi, has announced their financial results for the first quarter ended last September 30 with 36.6% revenue decrease of SG$10.4 million from SG$16.4 million last year.
Profit attributable to equity holders also went 63.6% down from SG$206 million last year to SG$75,000. The decline is said to be driven by streamlining of group operations.
“Due to intense competition within the Food & Beverage industry, in addition to acute labour
shortages, the Group expects operating conditions to be challenging as food, labour, rental and
utilities costs continue to rise in the foreseeable next 12 months,” the group said in their financial report. “The Group continues to work hard to manage the challenging operating conditions in the Food & Beverage industry.”
Sakae Holdings had recently made headlines after they discovered that one of their customers in their sugar business had disappeared without paying SG$5.93 million.
“As the Company previously announced on 7 and 21 September 2018, in matters pertaining to the sugar trade business, the Company has since filed a police report in September 2018. Investigations are still on-going and in light of the same, the Company will provide further updates as and when it is appropriate to do so,” the group said.
(Photo credit: Sakae Sushi Facebook)
