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Serial System swings to net loss of US$6.56m in Q1

SERIAL System swung to a net loss of US$6.56 million in the first quarter ended March 31, 2016, from a net profit of US$3.06 million in the corresponding period a year ago.

This was due to "lower gross profit margin achieved, higher share of losses from associated companies and increased currency translation losses and higher allowances for inventory obsolescence," said Serial System on Monday evening.

However, sales rose 27 per cent to US$332.8 million.

The group's loss per share stood at 0.73 US cent in Q1 2016, compared to an earnings per share of 0.34 cent in the same period a year before.

No dividend was declared.

On April 27, Serial System had warned in a Singapore Exchange filing that it expected to make a loss in Q1 2016, without elaboration.