Revenue grew by 3% y-o-y for 1HFY2024 to $179.25 million from $174.06 million in 1HFY2023, primarily due to the increase in revenue contribution from quick-service restaurants (QSR), convenience and others.
Operating expenses decreased by 12.8% y-o-y, mainly due to decreased expenses in delivery platform commission and marketing expenses.
Meanwhile, finance costs remained relatively constant and represented 1.3% and 1.5% of total revenue for 2HFY2024 and 2HFY2023 respectively.
Additionally, gross profit dropped by 18.4% to $8.07 million in 1HFY2024 from $9.90 million in 1HFY2023.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
Moving forward, the outlook for the group remains challenging due to the food and beverage industry continuing to experience intense competition.
On May 19, the group received a privatisation offer of 36 cents per share from Southern Capital Group.
Shares in RE&S Holdings closed unchanged at 35.5 cents on Aug 21.
