HomesToLife Ltd (HTLM), a home furniture products retailer in Singapore, on Monday reported a net loss for the first half, amidst a decline in revenue, mainly due rising inflation and a slowdown in global economic conditions.
For the six-month period to June 30, the company posted a net loss of S$614, 637 or S$0.05 per share, compared with a profit of S$98,877 or S$0.01 per share, recorded for the same period last year.
Pre-tax loss was S$614,637 as against previous year's profit of S$98,877.
Loss from operations was S$691,293 as against a profit of S$69,684 in 2023.
Total operating expenses rose to $$2.480 million from S$2.224 million a year ago.
Revenue was S$2.707 million, down from previous year's S$3.333 million.
The company noted that a decrease in revenue was primarily due to a fall in revenue from sales of its leather and fabric-upholstered home furniture products, due to rising inflation and the overall slowdown in global economic conditions, both of which negatively impacted Singapore's home furniture market.
Looking ahead, Phua Mei Ming, CEO of HomesToLife, said: "In response, we are working on a number of new initiatives to expand our business into the rest of Asia. As a result, we are hopeful these initiatives will improve top and bottom-line performance on our financials for the second half of this year."
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