Creative Technology's full-year loss widens to US$17.6 million after second-half sinks into red

Creative Technology's revenue for the full year rose 11 per cent to US$61.2 million, up from US$54.9 million a year ago.
Creative Technology's revenue for the full year rose 11 per cent to US$61.2 million, up from US$54.9 million a year ago.PHOTO: SCREENGRAB FROM GOOGLE MAPS

SINGAPORE (THE BUSINESS TIMES) - Creative Technology's net loss for the fiscal year year ended June 30 widened to US$17.6 million, from a loss of US$3.8 million last year.

Revenue for the full year rose 11 per cent to US$61.2 million, up from US$54.9 million a year ago.

This came about as the home-grown audio firm sank into the red in the second half with a net loss of US$9.1 million compared with a net profit of US$7.2 million a year ago.

This was mainly due to other losses of US$1.1 million for the second half of the year, versus other gains of US$17.7 million for H2 FY2019, the mainboard-listed company said in a regulatory filing on Thursday night (Aug 27).

Other losses for the second half of FY2020 were mainly due to fair value loss on financial assets, while other gains for the year-ago period were mainly attributable to US$17.9 million received from the settlement of patent lawsuits, which were partially offset by fair value loss on financial assets, Creative said.

Loss per share stood at US$0.13 for the half year period, versus earnings per share of US$0.10 in the preceding year.

Revenue for H2 rose 17 per cent to US$29.9 million, from S$25.5 million a year earlier. This was due to an increase in sales from new products launched during the financial year, Creative said.

No dividend was declared for the half year, unchanged from a year ago.

Shares in Creative closed flat at $2.74 on Thursday, before its results announcement.