S i2i 2Q earnings fall more than three-fold on higher purchases and changes in inventories

SINGAPORE (Aug 1): Telecom and IT service provider S i2i, formerly known as Spice i2i, saw 2Q earnings ended June of $127,000, down more than three-fold from the $433,000 posted in the same period a year ago despite higher sales in Indonesia.

This was because of 13.9% higher purchases and changes in inventories and direct service fees incurred of $82.9 million compared to $72.8 million a year ago as S i2i, through one of its Singapore subsidiaries, ventured into business of battery electric vehicles and passenger land transport in the later part of FY16.