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Stocks In Focus SG (Artivision Tech, TT Intl, WE) – 02/06/15
Artivision Technologies announced a 300.2 percent increase in FY15 revenue to $8 million, mainly attributed to revenue contribution from the group’s contract manufacturing subsidiary, Colibri Assembly (Thailand) (CAT). Operating expenses increased by $1.4 million to $6.8 million due to the consolidation of CAT’s expenses and the increase in amortisation of intangible assets arising from the acquisition of CAT. Other expenses increased to $1.7 million due to losses on available-for-sale financial assets. Consequently, the group remained in the red with a net loss of $5.6 million.
TT International plunged further into the red with a net loss of $86 million for FY15, from a net loss of $26.5 million in FY14. Revenue fell 16 percent to $267.4 million due to soft market conditions in Indonesia and Australia. The group’s performance was further impacted by an increase in pre-operating and setting-up expenses for the Big Box megastore, as well as an increase in depreciation charge upon the project obtaining temporary occupation permit in January 2015.
WE Holdings bounced back into the black with a net profit of US$0.5 million for FY15, from a net loss of US$6.6 million in FY14. Revenue fell 13.7 percent to US$49.7 million due to a pro-rate of 10 months results of a subsidiary which was disposed on 31 January 2015. Other income increased to US$5.6 million from US$2.4 million a year ago mainly due to a bargain purchase of an associate and proceeds received in relation to the disposal of a subsidiary. Operating expenses decreased 28 percent to US$9.8 million as a result of tighter measures to control entertainment and travelling expenses. Going forward, the group is transforming its business to focus on resources and are exploring opportunities in the exploration, extraction, mining and trading of energy and metal resources assets management.
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