Y Ventures says inventory that became obsolete within a year partly to blame for loss

Singapore

PART of Y Ventures Group's woes were due to certain stocks that were purchased in early 2018 that became obsolete by the end of the year due to what the e-commerce firm described as a "sudden increase in market competition and trade war" which "made the business conditions challenging".

It said this in response to Singapore Exchange queries on allowances for "obsolete inventories" which partly contributed to a widening in its FY2018 net loss to US$3.6 million.