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Global Yellow Pages remains in the red for FY2016

JUST as it had guided in early August, Global Yellow Pages (GYP) reported over the weekend continued losses for the fiscal year ended June 30, 2016.

The group, whose core business involves print directories and Internet Yellow Pages, reported a net loss of S$9.3 million for the 12 months to June 30, 2016, compared to a net loss of S$62.4 million for the 15 months to June 30, 2015 (15MFY15). Results for 15MFY15 included a S$45.4 million impairment of intangible assets and a S$22.8 million impairment of investment in associated company.

The group had on July 29, 2014, announced the change of its financial year end to June 30. Hence, its latest results reflect a 12-month period from July 1, 2015, to June 30, 2016, versus a 15-month period from April 1, 2014, to June 30, 2015.

The S$9.3 million net loss comprises a net loss of S$6.4 million from continuing operations and a net loss of S$2.9 million from discontinued operations. The company discontinued operations of a joint venture company, Singapore River Explorer, in FY2016.

Revenue from continuing operations for FY2016 was S$32.3 million, compared to S$24.6 million for 15MFY15. It benefited from the full year rental revenue from Pakuranga Plaza (PPL), its shopping mall in Auckland, New Zealand, and the six months' revenue contribution from SAPL Group, holder of the master franchisor rights for Wendy's brand of ice-cream in Australia and New Zealand. The acquisition of the latter was completed on Jan 1, 2016. However, GYP saw lower revenues from the search and direct sales businesses.

Total expenses fell to S$36.8 million, from S$96 million previously.

GYP saw a fall in its share of results of associated company to S$0.1 million, compared to S$4.4 million previously after a dilution of its interest in Yamada Green Resources, a major supplier of edible fungi operating one of the largest mushroom cultivation bases in Fujian province, China.

Its cash and cash equivalents increased to S$9.7 million from S$7.7 million, mainly due to cash generated by operations.

It made a provision of S$1 million related to legal matters. While no details were provided, a writ has been served on the company and its subsidiary, Singapore River Explorer, by Leisure Empire in Singapore's High Court. Leisure Empire is claiming S$150,000 in damages in lieu of written notice for the termination of a service agreement dated Dec 1, 2012, and S$50,000 a month in damages for the subsistence of the agreement. It is also seeking damages for loss of profits to be assessed.

Net assets stood at S$57.2 million on June 30, 2016, compared to S$68.5 million on June 30, 2015.

GYP said it remains committed to its strategy to actively enhance its digital offerings, and to pursue opportunities to diversify its business into the property and food & beverage sectors.