Creative Technology swings into the red in Q4 and FY17

CREATIVE Technology Ltd swung into a net loss of US$5.54 million for the fourth quarter ended June 30, from a net profit of US$535,000 a year ago as sales sank and expenses rose.

For the full year, it also saw a net loss of US$22.91 million compared with a net profit of US$2.62 million the year before.

Net sales for the fourth quarter of fiscal 2017 decreased by 15 per cent to US$14.48 million while net sales for the full fiscal year fell 17 per cent to US$69.9 million.

The group attributed the lower sales to the uncertain and difficult market conditions, which continued to affect the sales of its products.