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ArtiVision sinks deeper into the red
COMPUTER video firm ArtiVision Technologies sank deeper into the red in the fourth quarter ended March 31 and the full fiscal year, due mainly to impairment of assets.
Net loss for Q4 was S$8.67 million, compared to S$2.85 million a year ago, amid a surge in administrative expenses. For the full year, net loss was S$15.86 million, compared to S$7.81 million last year.
The group incurred S$6.89 million in impairment on the assets held for sale in the fourth quarter. This offset a 63 per cent jump in revenue to S$6.23 million in the quarter. Revenue for the full year surged 92 per cent to S$21.75 million.
The group equity declined from S$4.15 million as at March 31, 2016, to a deficit of S$4.16 million as at March 31 this year, mainly due to losses incurred in fiscal 2017, as well as the provision for impairment of the assets held for sale.
ArtiVision's controlling shareholder Ching Chiat Kwong, who is Oxley Holdings' executive chairman and CEO, had indicated that he will undertake to provide adequate funds to the group to enable it to pay its liabilities as and when they fall due and continue its operation on a going concern basis up to Aug 31, 2018.
"The group will continue to explore all options to raise funds to strengthen its balance sheet to bring the group's equity to a positive position," it said.