The 4Q results bring the group’s full-year earnings to US$2.3 million for the FY19 ended March, reversing from a loss of US$6.2 million in FY18.
SINGAPORE (May 29): Memories Group posted US$6.1 million ($8.4 million) in 4Q19 earnings, up y-o-y from its earnings of US$1 million due to a one-off US$8 million gain from its acquisition of SM Assets Holdings.
The gain was derived from a lower fair value of the purchase consideration paid for the acquisition compared to the fair value of net identifiable assets of SM Assets acquired by Memories.
