SINGAPORE (Feb 9): Global Yellow Pages (GYP), the real estate developer and digital search company formerly known as Yellow Pages Singapore, has reported 2Q18 earnings of $2.3 million, down by nearly half from $4.2 million a year ago on lower revenue.
Group revenue from continuing operations fell 40.3% to $6.4 million from $10.7 million in 2Q18, due mainly to reduced revenue contribution arising from the restructuring of GYP’s Search business and lower revenues by Supatreats Asia Pte Ltd (SAPL) Group.
Notably, total expenses fell 42.6% to $4.7 million because of the company’s restructuring of its Yellow Pages business announced on Aug 1 2017, which in turn led to lower staff costs as well as printing & material costs.
See: Global Yellow Pages announces restructuring and retrenchments; to cease publication of print directories from 2018
The latest set of results brings GYP’s earnings for 1H18 to $1.9 million, representing a 55.8% decline from its earnings of $4.3 million in the same period a year ago.
In its outlook, GYP highlights its recent investment in FundPlaces, which leverages on blockchain technology to operate an online platform that allows investors to build a diversified real estate investment portfolio.
See: Global Yellow Pages acquires 50.11% stake in property investment online platform FundPlaces for $2 mil
According to GYP, the investment is part of its strategy to further develop its core property business, and allow the group to leverage on the FundPlaces platform as an additional avenue for the group to raise funds for its property development projects.
Shares in GYP closed 2 cents lower at 16 cents on Friday.
