SINGAPORE (Aug 13): Serial System, the distributor of electronic components and consumer products, reported a 39% fall in 2Q earnings to US$2.0 million ($2.7 million) from a year ago.
The group’s bottom line was impacted by higher currency translation losses, impairment loss on investment in an associated company, fair-value loss on financial assets, higher allowance for impairment losses on trade and other receivables and impairment losses on goodwill arising from acquisition of subsidiaries.
Professional fees for the proposed spin-off of the company’s subsidiary on the Stock Exchange of Hong Kong also affected the group’s profitability.
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