Dukang Distillers Holdings
Chinese spirits producer Dukang Distillers Holdings posted a net loss of 561.4 million yuan (S$122.8 million) for the 2015 financial year, compared with a net profit of 44.1 million yuan a year earlier.
Revenue for the year to June 30 fell by 40.5 per cent to 863.4 million yuan, mainly owing to a decrease in revenue from both Luoyang Dukang and Siwu operations, as a result of China's current austerity measures against luxury gifts and spending, it said.
In view of the ongoing weakening of the baijiu - a Chinese alcoholic drink - industry due to these measures, the management took on impairment losses for a total of about 547.4 million yuan on property, plant and equipment, intangible assets and interest in an associate.
Loss per share was 70.32 fen, down from a earnings per share of 5.52 fen a year back.
Net asset value was 180.04 fen at June 30, down from 250.37 fen at June 30 last year.
Global Yellow Pages
One-off non-cash impairments hit the bottom line at Global Yellow Pages, which posted a net loss of $62.8 million for the 2015 financial year, compared with a net profit of $4.7 million a year earlier. These included an impairment of intangible assets of $45.1 million relating to trademarks with indefinite useful life and impairment of $22.8 million for investment in an associated company.
Revenue rose 17.7 per cent to $32 million for the period, as the 2015 financial year included a 15-month period from April 1, 2014 to June 30, compared with a 12-month period from April 1, 2013 to March 31, 2014. No dividend was declared for the year, consistent with a year earlier. Loss per share was 40.22 cents, compared with earnings per share of 7.32 cents a year earlier. Net asset value was 41 cents at June 30, down from $1.21 at March 31 last year.
SingPost's wholly owned subsidiary, Quantium Solutions Holdings, is buying 33 per cent of Morning Express & Logistics (ME), a provider of logistics and documents and parcel delivery services in Hong Kong.
The unit is paying HK$39.6 million (S$7.2 million) for the one-third stake in ME, which will become an associated company of SingPost. The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the SingPost group for the financial year ending March 31 next year.