Retail Holdings N.V. Releases First Half 2021 Results

Rhea-AI Summary

Retail Holdings N.V. (Symbol: RHDGF) reported its first half 2021 results, highlighting strong performance from Singer India Limited in Q1, which was hindered by COVID-19 impacts in Q2. The company's liquidation strategy is progressing, with the sale of its remaining stake in the India business expected by year-end 2021 or early 2022. Chairman Stephen H. Goodman indicated that while operational losses will continue due to legacy expenses, a distribution of up to $0.50 per share may occur in early 2022, but timing and amounts are not guaranteed. Detailed financial information is available on their website.

Positive

• Singer India Limited showed strong Q1 performance.
• Anticipated distribution of up to $0.50 per share to shareholders.

Negative

• Q2 performance negatively impacted by COVID-19 resurgence and lockdowns in India.
• Continuing legacy expenses and P&L losses expected.

WILLEMSTAD, Curacao, July 30, 2021 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) -- Retail Holdings N.V. ("Retail Holdings", together with its subsidiaries, the "Company"), released today results for the six months ended June 30, 2021.  The results and the complete Summary Semi-Annual Report are available at the Corporate/Investor/Annual and Periodic Reports section of the Company's website: www.retailholdings.com, and can be obtained free of charge via email or mail request to Amy Pappas, Corporate Secretary, at the contact details indicated below.

Singer India Limited, an associate company, which is the Company's only remaining operating entity, performed well in the first quarter of 2021, although second quarter performance was negatively impacted by the Covid-19 resurgence and renewed lockdowns in India. For additional information about the India Company, see the Singer India website: www.singerindia.net.

Chairman's Comments

Commenting on the 2021 first half results, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "The Company's results are consistent with management's expectations and Retail Holdings liquidation strategy. Management anticipates that the sale of its remaining stake in the India business will be completed by year-end 2021 or early in 2022. In the interim period, the Company will have to fund continuing, albeit declining, legacy expenses, certain fixed costs of being a public company, and maintain a management structure, resulting in continuing P&L losses. Management continues to believe that an additional distribution of up to $0.50 per Share may be paid to shareholders, probably early 2022, with a final nominal liquidation distribution sometime thereafter, although these amounts and their timing cannot be assured and in practice the anticipated distributions may not take place. I encourage all shareholders to read the complete Summary Semi-Annual Report for the six months ended June 30, 2021."

About Retail Holdings

Retail Holdings N.V. is a holding company with one principal operating asset, a 54.1% equity interest in Singer Asia Limited, which, in turn, has an indirect effective interest of 34.0% in Singer India Limited, an Indian public company. Retail Holdings N.V. has no operating activities other than those carried out through the India operation.  Additional financial and other information about Retail Holdings N.V., including the complete text of the 2020 Retail Holdings Summary Annual Report and 2020 Audited Consolidated Financial Statements and Notes, may be found at the Corporate/Investor section of the Retail Holding's website: www.retailholdings.com. Price quotations for Retail Holdings shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".

View original content:https://www.prnewswire.com/news-releases/retail-holdings-nv-releases-first-half-2021-results-301345440.html

SOURCE Retail Holdings N.V.

FAQ

What were Retail Holdings' financial results for the first half of 2021?

Retail Holdings N.V. reported mixed results for the first half of 2021, with strong Q1 performance from Singer India but a decline in Q2 due to COVID-19.

When is Retail Holdings expected to complete the sale of its stake in Singer India?

The sale of Retail Holdings' remaining stake in Singer India is anticipated to be completed by year-end 2021 or early 2022.

Will shareholders receive a distribution from Retail Holdings in 2022?

Retail Holdings may distribute up to $0.50 per share to shareholders, likely in early 2022, although this is not guaranteed.

What is the stock symbol for Retail Holdings?

The stock symbol for Retail Holdings N.V. is RHDGF.

How did COVID-19 affect Retail Holdings' performance in Q2 2021?

In Q2 2021, Retail Holdings' performance was negatively impacted by the resurgence of COVID-19 and renewed lockdowns in India.