Bad Apple business sends Epicentre into the red

Discontinued operations, which include Epicentre Holdings' Singapore Apple-related business, posted a net loss of $4 million.
Discontinued operations, which include Epicentre Holdings' Singapore Apple-related business, posted a net loss of $4 million.ST FILE PHOTO

Reseller posts full-year deficit of $7.1m, from profit of $507,000

Epicentre Holdings fell into the red in the year ended June 30 with a net deficit of $7.1 million, or 4.43 cents per share, from a year-ago profit of $507,000 as it lost money from its Apple-related businesses, the reseller announced late on Wednesday.

Epicentre shares were not traded on Wednesday, but were bid at 10 cents and offered at 11 cents.

Continuing operations contributed a net loss of $3.1 million, or 1.92 cents per share.

Discontinued operations, which include the Singapore Apple-related business, posted a net loss of $4 million, or 2.51 cents per share, for the period.

Revenue from continuing operations fell 30.5 per cent to $18.35 million, largely from an $11 million decline in revenue from the Malaysian operations, which lost their Apple Premium Reseller status.

Japan IPL Holdings, a hair removal and skin rejuvenation salon in which Epicentre acquired a 51 per cent stake in April last year, contributed $3.6 million of revenue and $3.4 million of gross profit during the year.

  • AT A GLANCE

  • Revenue:

    $18.35 million (-30.5%)

    Net loss:

    $7.1 million (not meaningful)

Epicentre's board described the operating environment over the next year as "challenging".

It said a planned acquisition of property development and hotel management businesses announced in June represents an opportunity for the company to venture into new business areas.

A version of this article appeared in the print edition of The Straits Times on August 31, 2018, with the headline 'Bad Apple business sends Epicentre into the red'. Print Edition | Subscribe