RE&S posts Q2 net loss of S$263,000 on temporary store closures.
Meanwhile, other operating income fell from S$1 million to some S$100,000, on the absence of compensation from the landlord over the impact of renovation on three outlets at Great World City.
The company anticipates full-service restaurants to take a hit from lower revenue and higher operational costs as the food and beverage industry faces rising demand for online food delivery services and foreign manpower curbs in the services sector, the management said. It also warned that"unforeseen circumstances such as the 2019 coronavirus would significantly impact our business in general" - a reference to the killer virus outbreak now stalking Singapore. As such, the group"may consider re-evaluating its major project commitments", it said.
"However, we are now faced with the unexpected coronavirus, which is impacting diners' sentiments. We are mindful to take cautious measures to control our operational expenses and stay vigilant to mitigate the potential headwinds."
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