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Nera Telecommunications books Q3 loss from continuing operations

NERA Telecommunications posted a loss from its continuing operations for the third quarter after the divestment of its payment solutions business.

Loss from continuing operations net of tax for the quarter ended Sept 30, 2016 was S$1.32 million, a reversal from a profit of S$1.6 million last year.

Loss per share was 0.36 Singapore cent compared with earnings per share of 0.44 Singapore cent last year.

On Aug 31, the telco group completed the sale of its payment solution business to Ingenico at S$88.4 million, subject to agreed adjustments between the two parties, resulting in a S$66.2 million gain on disposal computed in Q3 2016.

Including the disposal gain, profit from its continuing and discontinued operations was S$64.9 million.

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