SINGAPORE (May 30): Elektromotive Group’s full-year net losses have more than doubled to $6.3 million from a year ago due to an impairment loss and higher costs and expenses.

Revenue rose 26.3% to $9.6 million, driven by the 40.9% increase in sales from its electric vehicles (EV) business division, following the completion of fast charger installation projects.

The EV division contributed 77% to total revenue during the current financial year. The remaining 23% came from the group’s publishing business.

On April 29, the group divested its wholly-owned subsidiary, Wine & Dine Experience, and ceased its publishing operations in Singapore. This resulted in an impairment loss in goodwill on consolidation of $3.78 million, while changes in inventories and overhead costs rose 33.5% to $3.62 million on the higher sales in the EV division.

Employee compensation increased by 30.9% to $3.90 million, while finance expenses rose by 29.8% as a result of higher borrowings from the EV division. Other operating expenses increased by 7.4% to $3.14 million, including the professional fees incurred for the rights issue of $0.15 million and foreign exchange losses of $0.14 million.

The group notes that the market for electric vehicles continued to grow in the United Kingdom in the last three years, with the new registrations for plug-in cars increasing from 3,500 in 2013 to 61,000 in May. The UK government has also pledged £600 million ($1.2 billion) funding by 2020 to help increase the uptake of low emission vehicles, it added.

The group says it will continue to streamline costs and cease loss-making titles for its publishing operations in Malaysia over the next twelve months.

Elektromotive shares closed unchanged at 0.3 cent on Monday.