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NTLG warns

By BFN News | 01:45 PM | Wednesday 01 April, 2015

New Trend lifestyle Group is to cease all retail operations in China and concentrate on its key Singaporean market and warned of a significant increase in pre-tax losses. The group said trading in the second half remained difficult and sales for the year are likely to be approximately 17% down on last time. The group said that while gross margins will remain in the low 70s% (2013: 74%) and overheads have been reduced, the board expects to report a significantly increased loss before tax for 2014 (2013: loss of S$496,000). It says that in order to address the loss-making position, the board has decided to cease all existing retail operations in China with immediate effect and concentrate for the time being on its key Singaporean market. The board believes that these actions will place it in a better position to be trading profitably on a month by month basis by the fourth quarter of this year and breakeven for the year as a whole. As at 31 March, the company remained cash positive and the board believes that NTLG can be put on to a profitable footing without the need for further external capital. At 1:45pm: (LON:NTLG) New Trend Lifestyle Group Plc share price was -0.5p at 2p Story provided by

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