SINGAPORE (Yosefardi) – F J Benjamin Holdings, Singapore’s leading fashion and lifestyle group, today announces its results for the financial year ended 30 June 2015). Against the back drop of weak consumer sentiment, the Group repositioned its operations to focus on its core Southeast Asia portfolio of Singapore, Malaysia and Indonesia.
This has resulted in a 29% decrease in operating losses to S$9.5 million from S$13.3 million. While Group turnover fell 20% to S$293.4 million and gross profit declined 15% to S$121.8 million.
Compared to 2014, the net loss for the financial year was down 29%. Net debt was reduced to S$46.1 million
from S$80.0 million in the prior year, reducing gearing to 54%, largely due to the repayment of term loans and bills payable to banks.
In Southeast Asia, turnover from the fashion business (excluding purchases by the Indonesia associate and discontinued brands) decreased by 8% to S$192.5 million, while the timepiece business rose 5% to S$25.8 million. Purchases by the Indonesia associate declined by 20% as a result of better inventory management.