SINGAPORE (Aug 25): Global Yellow Pages reported FY17 net loss narrowed to $1.7 million from $12.4 million in FY16.
Excluding non-cash revaluation loss on investment properties and impairment of intangible assets relating to trademarks, the group would have posted an adjusted net profit of $2.7 million for FY17.
Group revenue from continuing operations for FY17 was $27.1 million, an increase of 6.3% compared to the corresponding period last year.
The increase was due mainly to revenue contribution from ice-cream retailer Supatreats Asia (SAPL) which was acquired in Jan 2016 but partly offset by a decrease in revenue from the Search business.
Other income came mainly from rental income generated from Yellow Pages Building.
Other gains of $1.2 million in FY17 included $0.3 million gain on disposal of available-for-sale financial assets and $0.5 million unrealised revaluation foreign exchange gain.
Other losses of $4.1 million included $3.2 million non-cash revaluation losses from investment properties.
Total expenses of $28.6 million were 7.1% lower than the corresponding period last year.
The inclusion of SAPL expenses contributed to the increase in cost of ice cream and related goods of $1.9 million, marketing, advertising and promotion expenses increase of $1.6 million and staff cost increase of $0.8 million.
There was also a $1.3 million non-cash impairment of intangible assets relating to trademarks in FY17.
Profit from discontinued operations was $1.1 million in FY17 compared to a loss of $5.0 million in FY16 which was due to an impairment of assets of $5.6 million arising from the discontinued operations of Singapore River Explorer in FY16.
The company announced on Aug 1 that it will restructure its business to focus on real estate as its core business and cease publication of print directories from 2018.
The digital business will be revamped with the company entering into a joint venture agreement with a newly incorporated entity Yellow Pages on July 31 to handle digital directories, data and online offerings.
Shares in Global Yellow Pages closed 2 cents higher at 17 cents on Thursday.
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