CREATIVE Technology narrowed its net loss for its fiscal fourth quarter, thanks mainly to higher tax credits. It also undertook a restructuring exercise in the quarter that resulted in a cut in worldwide headcount.

Net loss for the three months ended June 30, 2014, stood at US$3.39 million, compared with a net loss of US$6.54 million. This translated to a loss of five US cents per share, compared with a loss of nine US cents per share previously.

The company booked an income tax credit of US$4.53 million in the quarter, due mainly to a write-back of deferred tax liabilities. In the year-ago quarter, it booked a US$2.66 million tax credit.