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Y Ventures narrows H1 net loss to US$524,000

CATALIST-LISTED Y Ventures narrowed its loss attributable to equity holders to US$524,000 for the first-half ended June 30, compared with a loss of US$1.16 million in the year-ago period, the e-commerce and data analytics firm announced on Wednesday night.

Revenue rose 42.9 per cent to US$13.1 million, up from US$9.15 million in the year-ago period, due mainly to an increase in sales on online marketplaces.

Loss per share for the half-year was 0.3 US cent, compared with 0.5 US cent in the year-ago period.

Y Ventures said that it will strengthen its core data analytics capability and its applications "while remaining vigilant on cost and cash management".

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"The group may also seek related opportunities to grow through mergers and acquisitions with synergistic companies to expand its capabilities and customer base," it added. Barring unforeseen circumstances, it expects to continue growing revenue while narrowing its losses in 2019.

Y Ventures shares closed down 0.1 Singapore cent or 1.11 per cent at 8.9 Singapore cents on Wednesday before the results release.