Creative Technology's third quarter net loss widens to $13 million

Foreign exchange losses were the main cause of locally listed Creative Technology's net loss in the three months ended March 31.

The digital entertainment products maker reported a net loss of US$10.4 million (S$13 million) for the third quarter, far worse than the US$1.57 million deficit for the corresponding quarter last year.

This was attributed to the foreign exchange loss of US$2.8 million compared with a forex gain of US$4.3 million in the same period last year.

Revenue for the three months to Mar 31 was US$33.8 million, down from US$44.9 million in the same period last year.

The company said the fall in revenue was caused by the uncertain global economic conditions which continued to affect the sales of Creative's products.

The quarterly loss per share amounted to 15 US cents, down from two US cents last year while net asset value rose by 32 US cents to US$2.44 as of March 31, up from June 30 last year.

Creative shares rose one cent to $2.66 today.

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