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Eu Yan Sang deepens net losses in Q4

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EU Yan Sang deepened its losses for its fourth quarter ended June 30, 2016.

EU Yan Sang deepened its losses for its fourth quarter ended June 30, 2016.

In its financial results released on Monday, it posted a net loss of S$14.1 million, from a net loss of S$3.6 million a year ago.

This was despite the traditional Chinese medicine group reporting a slight 2-per-cent increase in revenue to S$73.5 million, which was mostly due to higher wholesale revenue in Hong Kong.

The lower earnings was due to lower operating income (down 28 per cent to S$845,000), higher impairment loss on property, plant and equipment, intangible assets and other assets (of S$6.8 million versus S$417,000 a year ago) and a 94 per cent drop in fair value gain on investment properties to S$388,000.

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For the higher impairment loss, the group said it was related to the writedown of the group's Australia business amounting to S$6.3 million due to difference between its carrying amount and value-in-use.

Other impairment losses include impairment of property plant and equipment of loss-making stores in Hong Kong amounting to S$145,000.

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