LottVision suffers steep drop in earnings

SINGAPORE - eCommerce nutrition food provider LottVision has reported a sharp plunge in net profit to HK$1.4 million (S$227,000) from HK$10 million.

Turnover for the year ended March 31 rose by 79 per cent to HK$91.2 million.

The bulk of revenue was generated by the group's 55 per cent-owned subsidiary NutryFarm (Chengdu) Biomedicine (NFC).

LottVision recorded other net income of HK$4.7 million, which mainly represented a reversal of liabilities to the vendor of NFC because NFC did not meet its profit guarantee.

Earnings per share slid to 0.08 HK cent from 0.59 Hk cent previously while net asset value per share rose by 0.23 HK cent to 5.82 HK cents.