Restaurant operator No Signboard has sunk into the red for its financial year's second quarter ending on Mar. 31, 2023, following the closure of multiple outlets, The Business Times reported.

The company reported a net loss of S$400,000, or a loss of S$0.09 on a per-share basis, and a revenue of S$700,000 for the second quarter.

A year ago, it had reported a net profit of S$90,230, or a profit of S$0.02 on a per-share basis, and a revenue of S$1.5 million during the same period.

Meanwhile, the revenue for the first half of its financial year fell by 54.1 per cent to S$1.6 million, down from S$3.5 million in the same period during its previous financial year.

No Signboard also has yet to post statements for its full financial year which ended on Sep. 30, 2023.

Net loss stemmed from closure of various restaurants

No Signboard added that the net loss stemmed from the closure of its seafood restaurant outlets at Vivocity in November 2021 and at the Esplanade in April 2022.

Both outlets had contributed S$400,000 in revenue during the previous second quarter.

The Business Times also cited the lack of sales revenue from No Signboard's Korean fast food chain Mom's Touch, which contributed S$200,000 during the same period a year ago, but have since closed.

The closure of all three outlets at The Centrepoint, Paya Lebar Quarter and Eastwood Centre came abruptly on Feb. 10, 2022.

No Signboard owed landlords of the Mom's Touch branches at Paya Lebar and Centrepoint S$176,000.

No Signboard also did not receive any revenue from its beer subsidiary Danish Breweries.

According to The Straits Times, Danish Breweries was placed into creditors' voluntary liquidation in March 2022.

No Signboard added that as a result of these closures and liquidations, the costs of materials and consumables dropped by 52.7 per cent to S$200,000 while the expenses on employee benefits fell by 52.6 per cent to S$500,000.

Interim CEO appointed in October 2023 as current CEO has been charged

Earlier in October 2023, No Signboard appointed an interim Chief Executive Officer (CEO), Lim Teck-Ean, to helm the company as its current CEO, Lim Yong Sim, is facing charges of false trading and market rigging, The Business Times further reported.

Prior to becoming No Signboard's interim appointment, Lim Teck-Ean was one of the beneficial owners of Gazelle Ventures, one of No Signboard's investors.

As for Lim Yong Sim, he is currently on a leave of absence pending the outcome of the proceedings pertaining to his charges.

Trading of the company's shares has also been suspended since Jan. 24, 2022.

On Nov. 24, 2023, No Signboard said Gazelle Ventures remains committed to the firm's efforts to resume trading, according to The Business Times.

Top image via No Signboard Seafood/Facebook