SINGAPORE - Mainboard-listed social shopping company YuuZoo logged a 13 per cent dip in first quarter net profit to S$11.2 million, even as revenue sank 58 per cent to S$18.9 million.

This was due to the loss of a major e-commerce client and a shift to a significantly more conservative accounting policy, the company said on Monday (May 15).

YuuZoo said it is negotiating with new clients whose revenue would equal or exceed the revenue of the client the company lost, and expects an agreement to be signed soon.

While the adoption of the new accounting policy results in lower numbers being booked, "it has not changed the future earnings potential of selling, at the right time, the shares YuuZoo receives as payment, and distributing as dividends those returns to YuuZoo's shareholders", the company added.

Earnings per share for the three months ended March 31 was 1.45 Singapore cents, down from 2.02 cents a year earlier.

Net asset value per share was 18.82 cents as at March 31, from 18.37 cents on Dec 31, 2016.