Loss deepens to $3.4m for e-commerce firm Synagie

Synagie chief executive Clement Lee said the firm will continue to bring in new brand partners. The home-grown e-commerce player - which has a warehouse in Greenwich Drive (right) - more than doubled its turnover, from $3 million last year to $6.9 mi
Synagie chief executive Clement Lee said the firm will continue to bring in new brand partners. The home-grown e-commerce player - which has a warehouse in Greenwich Drive (above) - more than doubled its turnover, from $3 million last year to $6.9 million, due to more online sales, among other factors.PHOTO: BT FILE
Synagie chief executive Clement Lee said the firm will continue to bring in new brand partners. The home-grown e-commerce player - which has a warehouse in Greenwich Drive (right) - more than doubled its turnover, from $3 million last year to $6.9 mi
Synagie chief executive Clement Lee said the firm will continue to bring in new brand partners. The home-grown e-commerce player - which has a warehouse in Greenwich Drive - more than doubled its turnover, from $3 million last year to $6.9 million, due to more online sales, among other factors.PHOTO: SYNAGIE

Local start-up attributes loss to higher admin expenses and one-off costs; its turnover rises from $3m to $6.9m

Home-grown e-commerce player Synagie Corporation sank deeper into the red in the first half of the year. It racked up a net loss of $3.4 million for the six months to June 30, from a net loss of $1.2 million in the same period a year earlier.

The start-up, whose clients operate mostly in the body, beauty and baby sector, attributed the loss to increased administrative expenses and one-off expenses like its initial public offering expenses and professional fees related to the acquisition of its insurtech (insurance technology) business, 1Care Global. Loss per share deepened to 1.31 cents from a loss per share of 0.44 cent last year.

Had the one-off expenses been excluded, net loss for the first half would have been $1.7 million.

Synagie, which listed on the Singapore Exchange's Catalist board on Aug 8, more than doubled its turnover, from $3 million last year to $6.9 million.

This was due to more online sales, an increase in the number of Synagie's brand partners and new revenue contributions from the insurtech business, the group reported on Wednesday.

Net asset value per share stood at one cent as at June 30 compared with 0.06 cent as at Dec 31, 2017.

Executive director and chief executive Clement Lee said: "We continue to see strong revenue growth (in the first half). Our recent initial public offering allows us to fast-track our growth plans and capitalise on the exponential growth of the e-commerce market in South-east Asia.

FAST-TRACKING GROWTH PLANS

We continue to see strong revenue growth (in the first half). Our recent initial public offering allows us to fast-track our growth plans and capitalise on the exponential growth of the e-commerce market in South-east Asia.

MR CLEMENT LEE, Synagie's executive director and chief executive.

"We will continue to bring in new brand partners, both multinational corporations and, increasingly, more small and medium-sized enterprises."


Correction note: This article has been edited for clarity.

A version of this article appeared in the print edition of The Straits Times on September 14, 2018, with the headline 'Loss deepens to $3.4m for e-commerce firm Synagie'. Print Edition | Subscribe