YuuZoo's audited results show reversal into S$101m net loss

Singapore

A NET loss of S$101 million for its fiscal 2017 was reported by beleaguered online media firm YuuZoo Networks Group Corporation - formerly known as YuuZoo Corporation - according to its audited results disclosed on Wednesday. This compared against the net profit of S$2.29 million for the 12 months ended Dec 31, 2017 that the group reported on its unaudited results.

Among other things, its revenue on its unaudited figure stood at S$62.2 million, while the audited set of results put revenue at just S$18 million. This was a result of "management's decision" to fully impair certain intangible assets, meaning that revenues from network development fees and franchise sales was reversed, the company said.