According to the Zhitong Finance App, Julibao Holdings (08527) announced that the Group's losses for the 2023 fiscal year are expected to increase by about 175% or about SGD 3.16 million, from about SGD 1.8 million for the year ended December 31, 2022 to about SGD 4.96 million for the year ended 31 December 2023.

According to the announcement, the increase in losses was mainly due to the decline in the performance of the Group's stores in Singapore, leading to impairment losses of confirmed property, plant and equipment, and use-rights assets of about 700,000 Singapore dollars and 1.2 million Singapore dollars, respectively, as well as a general rise in food costs and labor costs due to inflation in Singapore and Malaysia.