XPRESS Holdings' net loss for the fourth quarter ended July 31, 2016, widened to S$12.3 million, or 12.1 Singapore cents per share, from the year-ago S$172 million loss after the company recorded an S$11.7 million loss from its disposal of loss-making subsidiaries.
For the full year, the printer swung into a net loss of S$21.8 million from the year-ago profit of S$311,000.
During Q4, Xpress sold loss-making subsidiaries in China, Malaysia and Hong Kong for S$1 million, which was a S$7.4 million deficit to their net asset values. Combined with a further S$12.3 million loss on exchange translation reserves that were realised upon disposal, Xpress had a total loss of S$19.7 million upon the sale of those units.
Xpress is in the midst of seeking shareholder approval to add smart technologies, publishing and investments to its business activities. The company plans to acquire e-commerce company Amplify Me, and to change Xpress's name to A-Smart Holdings.