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George Yeo buys more Creative Technology shares

The Edge Singapore
The Edge Singapore2/18/2022 07:34 PM GMT+08  • 1 min read
George Yeo buys more Creative Technology shares
In total, Yeo, who joined the board on Nov 15, owns 59,500 shares.
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George Yeo, a newly-appointed independent director of Creative Technology, has bought additional shares.

On Feb 17, Yeo, a former cabinet minister, paid $19,920 for 8,300 shares, or $2.40 each. On Feb 15, he bought 1,200 shares at $2,820, or $2.35 each.

Yeo first bought Creative shares on Feb 11, when he paid an average of $2.35 for 50,000 shares.

In total, Yeo, who joined the board on Nov 15, owns 59,500 shares.

On Feb 10, the company announced that revenue for 1HFY2022 ended Dec 31, 2021, was US$34.2 million ($46 million), down 28% y-o-y.

However, earnings for the same period reached US$1.24 million versus just US$45,000 a year earlier as Creative booked a US$10 million gain from the sale of a property in the US.

See also: Japan Foods embarks on share buybacks; Best World resumes trading and buybacks

According to the company, sales were affected by the global shortages of semiconductors and delays in shipping schedules.

Creative warns that the pace of recovery and the outlook remains uncertain and that supply woes will drive its costs up. As such, it expects to report an operating loss for the second half of FY2022 even though it expects to maintain its revenue.

Creative shares closed Feb 18 at $2.55, up 5.37% for the day, and up 8.97% year to date.

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