Creative posts 19% drop in 3Q earnings to $5.1 mil

Creative posts 19% drop in 3Q earnings to $5.1 mil

By: 
Stanislaus Jude Chan
10/05/18, 07:16 pm

SINGAPORE (May 10): Creative Technology saw its earnings fall 19% to US$3.8 million ($5.1 million) for the 3Q ended March, from US$4.6 million a year ago.

3Q18 revenue was down 6% to US$15.0 million, from US$16.0 million a year ago.

This was due to the uncertain and difficult market conditions which continued to affect the sales of the group’s products.

As at end March, cash and cash equivalents stood at US$115.2 million.

Looking ahead, the group says it expects no significant change in the market conditions, and expects to report an operating loss in 4Q18.

Shares of Creative closed 16 cents higher, or up 2.8%, at $5.85 on Thursday.

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