Lifebrandz slashes expenses by 14% to $2.13m

But its sales performance is still underwhelming.

Singapore-listed development and management group Lifebrandz has seen slight improvement in FY16 as it narrowed its losses to $1.1 million from $1.2 million in the past year.

The narrowed loss could be attributed to the group's effective operations structure as well as the collective effort to reduce all related expenses.

The group revealed that it has successfully slashed its overall expenses by 14% to $2.13 million.

However, its revenues are still suffering declines, falling 19% to 1.02 million from last year's $1.3 million. This is due to the poor performance of the group's F&B segment.

"The drop in sales was mainly derived from the slower F&B sales activities for Mulligan’s. The outlet saw a decline on the tourist arrival and patronage in the reported year possibly affected by the economical and weather conditions," the group stated.

More so, the group claimed that sales performance has also been badgered by stiff competition from other pubs and clubs in the vicinity.

Looking forward, the group said it will remain cautious about the condition of all the overall business environment.

"The Board is mindful of the intense competition of this industry and will continue to explore business opportunities including fund raising exercise to position and transform its business profile and strategic direction," the group said.