SINGAPORE (March 17): A-Smart Holdings, the company formerly known Xpress Holdings, turned in a net profit of $27,000 in 2Q17 compared to a $9 million loss in 2Q16, following the disposal of loss-making subsidiaries.
Besides providing a full spectrum of integrated print solutions, the group has expanded its business to include a smart technology unit, an investment business unit, and a media and events management arm.
In a filing on Thursday night, A-Smart says 2Q revenue dipped 7.8% to $2.11 million from Q2FY16. Its printing segment accounted for $2.0 million while the new media and events unit made a maiden net contribution of $0.1 million to the group’s revenue.
Meantime, concerted efforts to improve productivity while reducing cost saw staff costs and other operating expenses fall by more than 30% in the quarter under review.
Earnings per share was 0.024 cents at the end of 2Q17, while net asset value per share returned to a positive 5.32 cents.
The group’s cash position also strengthened to $4.1 million in 2Q17, an almost three-fold increase from the previous corresponding period.
CEO of A-Smart Lim Huan Chiang said, “The restructuring and strategising of business directions and cost-control measures have been sound and astute moves... The media and events arm has turned in its first revenue from its first event “Legend of the Moon”, with more theatre shows in the pipeline.”
Lim added that its smart technologies arm is rolling out a Smart F&B Business Solution locally whose features include mobile ordering, e-payment services, waste management solutions and integrated enterprise resource planning.
Shares of A-Smart closed at 64 cents before the announcement.
