SINGAPORE (Feb 14): No Signboard has announced $1.4 million in earnings for the 1Q ended Dec 2017, up 56.1% from its earnings of $0.9 million posted in 1Q17 on higher other income. 

Revenue grew 2.9% to $4.1 million from $4 million a year ago on the back of contribution from a new revenue stream from the beer business.

Notably, other income of $2.6 million was recorded in relation to interim profits from the acquired restaurant business, as compared to just $9,141 a year ago. 

Over the quarter, raw materials and consumables used grew 49.8% to $1.3 million from $0.9 million in 1Q17, due to the new product mix arising from the newly acquired beer business.

Employee benefits expense increased by 17.7% to $1.4 million from $1.2 million in the previous year, as it included two months’ contribution from the beer business – as well as increased in office personnel headcount following its incorporation, and increased in directors’ remuneration as the directors have entered into service agreements with the Company following its admission on the Catalist.

The group also registered an IPO expense of $1.1 million and finance costs of $9.8 million over the latest quarter as compared to none a year ago.

No Signboard says it continues to see a stable revenue stream for its premium seafood restaurants as it continues to work on the development of the new casual dining concept restaurants as well as the expansion of the beer business, including the establishment of its own brewery.

While the group has started a trial phase by offering its ready meals through vending machines, and is reviewing the sales performance and results of the trial phase, it says it will also consider other distribution channels when such opportunities arise.

Shares in No Signboard closed 0.5% lower at 20 cents on Wednesday.