SINGAPORE (Nov 14): Accrelist, the former WE Holdings, saw first half net loss after tax widen to US$2 million ($2.7 million) in 1H18 compared to net loss of US$1.3 million in 1H17.
This came on the back of higher administrative expenses and higher other charges.
Revenue surged to US$29.1 million from US$0.6 million a year ago due to the consolidation of Jubilee Industries Holdings as a subsidiary of the company from June 29.
The consolidation took place following the conversion of Accrelist’s convertible loan to shares in Jubilee.
In line with the increase in revenue, gross profits for 1H18 increased to US$2.4 million compared to 1H17’s US$0.1 million.
For 1H18, the group reported EBITDA loss of US$1.8 million, an increase from 1H17 where EBITDA loss was US$0.7 million.
Administrative expenses increased by 93% to US$1.8 million in 1H18 from US$0.9 million in 1H17 due to the consolidation of staff cost from Jubilee.
In addition, other charges for the group rose to US$3.0 million compared to US$0.1 million a year ago mainly due to a US$2.7 million remeasurement loss arising from consolidation of Jubilee and the fair value loss for the convertible loan of US$0.3 million.
Excluding these one-off expenses of US$3.0 million, Accrelist would have registered net profit before tax of US$1.0 million.
Terence Tea, Executive Chairman and Managing Director of Accrelist, says, “We are pleased to see significant growth in revenue, as our strategic involvement and turnaround plans for Jubilee enhance the group’s performance. We continue to seek growth opportunities in new business segments – crowdfunding and e-payment solutions.”
Besides crowdfunding and e-payment solutions, Accrelist intends to move into the e-medical space as well. The company is currently exploring potential acquisitions of medical aesthetics clinics to launch e-medical services catering to body, skin and face aesthetics.
Shares in Accrelist closed 0.1 cent lower at 0.6 cent on Tuesday.
