SINGAPORE - Mainboard-listed Biosensors International reported a net loss of US$247 million (S$328.5 million) in the fourth quarter, down from the US$6.1 million net profit reported a year ago.
Revenue in the three months to March 31 dropped 7 per cent year-on-year to US$75.9 million, but earnings of the medical device company were hit by a massive impairment of US$256.1 million for its Chinese subsidiary JW Medical Systems (JWMS).
Contributions from the unit has declined in recent years from the high growth rate of double digit percentages reported when JWMS was acquired, Biosensors said when announcing its results on May 27.
Excluding the exceptional items, Biosensors would have a net profit of US$10.7 million for the period.
As a result of the lacklustre fourth quarter, the company reported a US$224.8 million net loss for the full year, down from the US$40.6 million net profit from 2014. Revenue was down 5 per cent year-on-year to US$308.4 million.
Loss per share for the full year was 13.29 US cents, while net asset value stood at 60.36 US cents at the end of the financial year. No dividend was declared.
"For the year ending March 31 2016, the company expects market competition and pricing pressure to stay as headwinds… The currency environment is also expected to remain challenging as the company has concentrated risk with a majority of its revenue coming from non-US dollar denominated regions," Biosensors said.
Shares of Biosensors closed flat at 80 cents, ahead of the results announcement.