George Yeo, the former cabinet minister who recently joined the board of audio products maker Creative Technology, has bought 50,000 shares of the company on Feb 11. He paid $117,500, or $2.35 each. Prior to the filing on Feb 14, Yeo didn’t hold any Creative shares.
Yeo was appointed to the company’s board on Nov 15 2021 as an independent director.
On Feb 10, the company announced that revenue for 1HFY2022 ended Dec 31 2021 hit US$34.2 million, down 28% y-o-y.
According to Creative, sales was affected by the global shortages of semiconductors and delays in shipping schedules.
However, earnings for the same period reached US$1.24 million, versus just US$45,000 in the year earlier period, as the company booked a US$10 million gain from the sale of a property in the US. Favourable foreign exchange movements helped add to the earnings too.
Creative’s net asset value as at Dec 31 2021 was US$1.27, versus US$1.25 as at June 30 2021.
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The company warns that the pace of economic recovery from the pandemic and the outlook for the global economy remains uncertain. In addition, the on-going global supply chain disruptions have continued to affect the company’s operating results.
It expects to report an operating loss for 2HFY2022 ending June 2022.
Creative shares closed on Feb 14 at $2.27, down 3.4% for the day and down 2.99% year to date.
