SINGAPORE (Aug 29): Global Yellow Pages (GYP) has reported a net loss of $9.3 million in 12MFY16, an 85.1% improvement from the net loss of $62.4 million reported in 15MFY15.

The current financial year report compares the 12-month period from 1 July 2015 to 30 June 2016 against the 15-month period from 1 April 2014 to 30 June 2015 as the Group had in July 2014 announced the changed of its financial year end to 30 June.

The losses were mainly attributed to a net loss of $5.8 million from discontinued operations of Singapore River Explorer, compared to a marginal net profit in 15MFY15, due to the impairment of assets of $5.6 million.

The Group also recorded $3.4 million fair value non-cash losses of the Pakuranga Plaza Shopping Mall and six adjacent residential units, and a one-off non-cash $1.4 million loss on dilution of interest in Yamada.

GYP’s 12MFY16 revenue grew 31.8% to $32.3 million, from $24.6 million in 15MFY15.

This was mainly due to the full year rental revenue from Pakuranga Plaza Limited for 12MFY16, and the six months’ revenue contribution from SAPL Group following GYP’s completion of the acquisition on 1 January 2016.

SAPL Group owns the master franchisor rights for Wendy’s in Australia and New Zealand, and operates the supply chain business of the Wendy’s brand of ice-cream and treats for the Wendy’s store network consisting of over 120 stores in Australia.

Looking forward, the Group says it is “committed to its strategy to actively enhance its digital offerings, and to pursue opportunities to diversify its business into the property and food & beverage sectors”.

Meanwhile, GYP says its “proposed acquisition of land in Queenstown is making progress and is a continuation of the Group’s strategy to diversify into the property business”.

Global Yellow Pages last closed flat at 18.8 cents on Thursday.