Global Yellow Pages narrows Q1 loss
Nisha Ramchandani
GLOBAL Yellow Pages reported a net loss of S$649,000 for the first quarter ended June 30, 2014, narrowing from a loss of S$680,000 a year earlier.
Revenue slipped 8.5 per cent year on year to S$4 million on the back of a decline in its search solutions business. This was partly offset by higher revenue from Singapore River Tour & Taxi Services. Loss per share came to 0.09 Singapore cent, versus a loss of 0.13 Singapore cent in the corresponding quarter a year earlier.
For the quarter under review, share of results of associated companies worked out to S$701,000, compared to a loss of S$157,000 previously.
At S$6.09 million, total expenses were up 7 per cent due to legal and professional fees incurred on the proposed acquisition of Gloria Jean's Coffees.
Global Yellow Pages also saw income tax credits of S$240,000 - versus S$56,000 previously - due to a deferred income tax asset recognised in 1QFY15.
The firm, which did not go ahead with the acquisition of Gloria Jean's Coffees, said it would be using the net proceeds of a recent rights issue to fund future acquisitions. On Monday, it announced it had agreed to buy the intellectual property rights, including recipes and formulas, held by Wendy's Supa Sundaes and Innovation Ice Cream for A$10 million (S$11.7 million).
Shares in Global Yellow Pages closed at 4.7 Singapore cents yesterday, down 0.1 cent.
