SINGAPORE (Sept 29): Xpress Holdings posted net losses for $21.8 million for FY16, compared with earnings of $314,000 in FY15.
This was mainly due to the recognition of $19.7 million in losses from the disposal of unprofitable subsidiaries as the companies were sold at a $7.42 million discount to its net asset value and included a realised $12.25 million loss on exchange translation reserves.
In 4Q, the group had sold Xpress Print (Shenzhen) Co., Precise Media Group, Xpress Print KL, Xpress Print Hong Kong and its available for sale financial asset, Shenzhen Jiaxingda Printing Co., for $1 million.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)