Chilli crab restaurateur No Signboard Holdings warned early on Thursday that it expected to report accounting losses for its fiscal fourth quarter and full-year results due to goodwill impairment related to its beer business.
After a review of the recoverability of the goodwill and intangible asset of the beer business, the company decided to impair the goodwill and intangible asset, it said.
“For the avoidance of doubt, the impairment of goodwill and intangible asset is a non-cash item and has no effect on the cash flow of the group,” No Signboard said in a fling to SGX early on Thursday.
It attributed the impairment to the beer business not performing as expected, with the company taking steps for “rationalizing and restructuring” the beer business.
No Signboard said further details would be provided in the results announcement, which was due on or before 29 November.