Global Yellow Pages, the publisher of telephone directories, says net profit for the full year ended March 31, 2010 (FY 2010) saw an increase of 7.7% to $16.4 million, from $15.2 million in the previous financial year.

Global Yellow Pages says this was achieved against the backdrop of a 14.5% fall in revenue to $50.7 million, as Singapore’s economy went through a severe recession in 2009.
 

The increase in net profit was largely due to the group’s focused cost management efforts. Overall, expenses were reduced by 23.9% to $34.4 million during the year under review.

Total share capital of the group strengthened by$58.9 million to $155.6 million because of new shares issued from the rights-cum-warrant issue. The 5 for 2 rights- cum-warrant issue received strong support from shareholders, with a subscription of 151%. The $130 million of bonds due in September 2009 were fully redeemed utilising proceeds from the rights issue, cash on hand and bank loans.

In view of the positive performance, and taking into account earnings, capital requirements, capital structure and considerations for growth, the board is proposing a full year dividend of 2.0 cents per ordinary share for the financial year ended 31 March 2010.

During the year, non-exclusive license agreements were signed with Singapore Press Holdings and MediaCorp, allowing these two media organisations to reproduce and use Global Yellow Pages’s data on their digital platforms, Rednano and Mocca respectively. The agreements were part of efforts to allow the Group to reach a wider cross-section of audience through multiple platforms.

In the year ahead, the group says it will adopt a multi-platform business with multi-faceted products and services that tap into Global Yellow Pages’s comprehensive database through the offer of services across the entire consumer decision-making process.