F&B restaurant operator Katrina Group 1A0 announced earnings of $3.46 million in FY2022 ended Dec 31, 2022, compared to a loss of $214,000 in FY2021.
This comes on the back of a 19.8% y-o-y increase in revenue to $64.4 million from $53.8 million a year ago.
Revenue for the group’s F&B business increased by 15.5% y-o-y to $47.3 million, mainly attributed to the increase in number of dine-in customers and the lifting of Covid-19 restrictions for dine-in sales.
The group’s hospitality business increased y 33.6% y-o-y to $17.1 million thanks to the reopening of borders; the start of operations for ST Residences Balestier, a 20 units property in August 2022; and the resumption of large scale events in Singapore, attracting tourists.
Cash and cash equivalents as at end-December stood at $4.19 million.
No dividend has been declared to conserve cash for operational purposes.
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Moving forward, the group expects the lifting of Covid-19 restrictions in Singapore to bode well for its F&B and hospitality businesses. But it is aware that the recovery might be negatively impacted by the high inflation and rising interest rates which are increasingly weighing on economies worldwide.
To recap, the group is currently cooperating in an ongoing investigation by the Urban Redevelopment Authority (URA). No charges have been filed against the group nor any of the relevant persons.
Shares in Katrina closed at 2.8 cents on Feb 27.
