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Global Yellow Pages in the red for 15-month period due to impairments

Significant impairments pushed Global Yellow Pages into the red for the 15 months period ended June 30, with a net loss attributable to shareholders of S$62.37 million, compared to a net profit of S$5.13 million for the 12 months ended March 31, 2014.

Excluding the one-off non-cash impairments, it would have recorded a net profit of S$5.1 million for the 15-month period, the group said.

Some S$22.75 million of impairments were related to investment in associated companies, specifically Yamada Green Resources Limited; another S$45.39 million of impairments were related to intangible assets.

The group had on July 29 last year announced the change of its financial year-end to June 30. As such, its latest financial results comprised 15 months period from April 1, 2014 to June 30, 2015, versus a 12-month comparative period from April 1, 2013 to March 31, 2014.

Revenue for the 15-month period was S$32 million, 17.7 per cent higher than the 12-month period ended March 31, 2014.

The increase in revenue was due mainly to the additional three months' revenue from April to June 2015, which included about two months' income from Pakuranga Plaza Limited (PPL) as the group completed its acquisition of PPL on May 4.

"The business environment is challenging and the group remains committed to its strategy to actively enhance its digital offerings, and to pursue opportunities to diversify its business into the food & beverage and property sectors," said the group, whose core business is in information search and database marketing.

Since September 2014, it also owns the intellectual property rights of Wendy's Supa Sundaes brand and licenses the use of the brand in various countries.

Global Yellow Pages said it will continue to manage the retail performance at newly acquired PPL and actively engage in redevelopment plans for the property. "The acquisition of Wendy's since September 2014 has been income accretive and we will look for ways to add value to the food & beverage business," it added.