SINGAPORE (Aug 24): Creative Technology sunk into losses of US$22.9 million ($31.2 million) in FY17 from earnings of US$2.7 million in FY16 on the absence of other gains.
In FY16, the group recorded net other gains of US$40.2 million due mainly to US$33.5 million proceeds from settlements in patent lawsuit, US$2.7 million gain on disposal of investments, US$5.2 million from writeback of subcontract accruals and US$0.9 million impairment loss on investments.
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See: Creative sinks into full year losses of $31.2 mil on absence of other gains