SINGAPORE (May 26): Artivision Technologies' FY17 net loss doubled to $15.9 million, or 1.2 cents per share, from a year ago on higher expenses.

For 4Q17, net loss tripled to $8.7 million from $2.8 million.

Revenue for the full year nearly doubled to $21.75 million from $11.35 million in FY16, driven mainly by the group’s media solutions subsidiary, Artimedia Technologies, which generated revenue of $14.54 million in FY17 as compared to $3.66 million in FY16.

In line with the revenue increase, cost of sales doubled to $18 million from $9.3 million in the previous year.

The higher revenue was however more than offset by higher aggregate distribution, administrative and finance expenses, which rose by $7.40 million, after factoring in a $6.9 million impairment on the group’s assets held-for-sale.

Overall payroll costs also grew by $1.1 million on an increase in headcount resulting from increased activities for the media solutions business, while professional fees also increased by about $0.5 million mainly on legal fees and software sub-contractors for the business.

A write-back of share-based compensation expenses of $0.55 million was also recorded over the year, as share awards granted were not vested, compared to share-based compensation expenses of $1.22 million in FY16.

Artivision says it is currently is exploring all options to raise funds to strengthen its balance sheet and to repay the balance of the outstanding bonds plus interests of which $9.82 million is due after FY17.

It adds that it will continue to explore with interested purchasers for the Artimedia Group, in order to bring in cashflow.

Shares of Artivision Tech closed lower at 2 cents on Thursday.