SINGAPORE (July 31): Artivision Technologies’ 1Q17 net loss widened to $3.48 million from $1.8 million in 1Q16 despite higher revenue and gross profits.

The weaker bottom-line was mainly due to higher administrative and finance expenses as well as higher cost of sales stemming from subsidiary Artimedia Technologies’ acquisitions of video inventories from publishers.

Group revenue for the three months ended June rose to $4.33 million from $1.74 million for the same period last year. This was driven mainly by Artimedia which accounted for $2.67 million or 62% of the group’s total revenue for the quarter.

Colibri Assembly (Thailand), Artivision’s wholly-owned contract manufacturing business, generated revenue of $1.66 million in 1Q17 compared to $1.58 million in 1Q16.

According to Artimedia, this is the first time the media solutions business has overtaken the contract manufacturing business as the group’s main revenue driver.

Kenneth Goh, Artivision’s Chief Executive Officer, says: “Artimedia’s technology is designed to create and enhance value for publishers and advertisers. As seen from the increase in our latest quarterly revenue, Artimedia is fast becoming the platform of choice for digital advertising in Israel. We will build on this momentum to expand our capabilities beyond video advertising to TV advertising.”

Shares of Artivision last closed at 3 cents.