Officials put damper on LifeBrandz bottom line
Demands by Thai officials for music to be muted in clubs, pubs and other venues hit sales for Singapore restaurant, bar and cafe group LifeBrandz.
It saw its third-quarter revenue dive 40 per cent from the same period last year to S$190,000 (US$137,000).
It says F&B sales slowed at its Mulligans Pattaya pub in Thailand because of a drop in tourist arrivals. Spending was also affected during the Songkran festival, when authorities demanded that venues mute their music.
LifeBrandz says such “regular control” by authorities makes it difficult for the business to roll out marketing and promotional activities. However, it anticipates F&B activities will improve
Trading activities for the quarter were also impacted by the economic slowdown.
“The group continues to remain cautious about the outlook and condition of the overall business environment,” says executive chairman/CEO Saito Hiroyuki. “The board is mindful of the intense competition in this industry and will continue to explore business opportunities, including a fundraising exercise, to position and transform its business profile and strategic direction.”