Vividthree Holdings has reported a wider loss despite higher revenue for FY2022 ended March 31.
The company, which is in digital production, generated higher sales from post-production work. It also managed to record a reversal of expected credit losses.
However, it did not enjoy the same level of government grants. Its bottomline was also weighed down by inventory write-down. It incurred higher staff costs too as it reinstated pay cuts.
Vividthree recorded a net loss of $5.8 million, versus red ink of $4.5 million for the preceding FY2021.
Revenue in the same period was up 41.1% to $2.86 million.
Charles Yeo, the company’s managing director, observes that Vividthree has been seeing signs of recovery for its post-production segment.
“We have been working on our roadmap to recover from the Covid-19 impact and we need to take the right steps to strengthen the company and position it to continue to scale, innovate, and grow after the pandemic and in the years ahead,” he adds.
Vividthree shares last traded at 4.5 cents on May 27, up 4.65%.