Global Yellow Pages reports lower Q1 loss

SINGAPORE - Global Yellow Pages reported a net loss of $650,000 for the first quarter, down 4.6 per cent from $680,000 in the same period a year ago.

This was largely due to a dip in revenue from its search solutions business, the firm said in a statement on Wednesday.

Revenue for the three months to June 30 came in at $4 million, down 8.5 per cent from $4.38 million in the corresponding period a year earlier.

Its expenses incurred during the quarter were $6.1 million - 7 per cent higher than what was spent in the same quarter last year, thanks to legal and professional fees incurred from the intended acquisition of the Gloria Jean's Coffees chain.

The net proceeds from the rights issue exercise the firm had ran were intended for the purchase of Gloria Jean's, but they will now be used to fund future acquisitions as part of the firm's plans to divesify into the food and beverage sector as well as the property market.

The firm suffered a loss per share of 0.09 cent during the quarter, though it was an improvement from a loss per share of 0.13 cent from the same period a year ago.

Net asset value as at June 30 was 7.71 cents, down from 12.09 cents as at March 31.

Global Yellow Pages shares closed 0.1 cent down at 4.7 cents on Wednesday.