Creative Technology posts Q3 net loss of $16 million

SINGAPORE - Homegrown sound card maker Creative Technology has posted yet another dismal quarter.

It recorded a net loss of US$11.7 million (S$16.1 million) for the third quarter, a further 34 per cent decline from last year's US$8.8 million loss.

Sales for the three months ended Mar 31 declined 9 per cent over last year to US$22.7 million.

The reduction in selling, general and administrative expenses resulting from the lower sales was offset by an increase in marketing expenses for new products, including Sound Blaster Roar and Sound Blaster X7, and legal expenses for on-going litigation, the company said on Wednesday.

Research and development expenses in the third quarter decreased 27 per cent compared with the same periods in the previous year. The decrease was due mainly to cost cutting actions taken by management.

Loss per share was 17 cents for the third quarter, from a loss of 12 cents per share in the corresponding quarter last year.

Net asset value per share was US$1.50 as at March 31, down from US$1.93 on June 30 last year.

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