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.

Source: News Formal (newsformal.com)

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