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Eurosports Global narrows full-year net loss to S$3.9m

EUROSPORTS Global, the agent for Lamborghini, narrowed its full-year net loss by 51 per cent to S$3.91 million.

Loss per share for the year ended Mar 31, 2018, was 1.47 Singapore cents, compared to 3.01 Singapore cents for FY17.

Revenue was 18.5 per cent higher at S$62.08 million, mainly on an increase in the sales of new Lamborghini automobiles.

Consequently, gross profit surged 81.4 per cent to S$9.97 million.

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But the group's bottom line was weighed down by a 11.1 per cent increase in administrative expenses to S$19.11 million.

Net asset value per share was 3.24 Singapore cents as at Mar 31, down from 4.71 Singapore cents a year ago.

The group said that market conditions will remain challenging in the next 12 months due to intense competition among automobile distributors in the mature but small Singapore market.

It also warned against automobile demand being adversely affected in Singapore if the government decides to impose policies affecting the affordability of automobile ownership, such as an increase in vehicle registration fees and financing restrictions.

Eurosports closed at 19.1 Singapore cents on Friday, down 1.9 Singapore cents.

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