You are here

Hot stock: Xpress falls after massive impairments

Tuesday, December 2, 2014 - 10:28

Xpress stock was down by a third as at 9.53am, trading at 0.6 Singapore cent.

SHARES of Xpress Holdings took an early tumble on Tuesday after the printing company took significant impairments that dragged it into a deeper loss.

Xpress stock was down by a third as at 9.53am, trading at 0.6 Singapore cent. Trading was halted over the weekend and only resumed on Tuesday.

The company said over the weekend that it lost S$147 million in the year ended July 31 after taking a S$64.5 million impairment on goodwill related to its acquisition of Precise Media Group, and a S$63.9 million impairment on trade and project receivables because of struggles in the commercial printing industry.

Xpress said excess capacity in the printing industry and aggressive price wars have led to a drop in business volumes, while a slower China has hit one of the company's major markets.

Market voices on:

Xpress is refocusing on smaller volume printing and high-speed digital solutions to address the challenges, and has also been in merger and acquisition discussions.

The company did get some breathing room from its creditors. Xpress said a winding-up application by United Overseas Bank has been adjourned to Jan 28, 2015.

Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at

Powered by GET.comGetCom