Creative Technologies

Creative awarded additional US$2.3 mil in damages as Court tosses out Huawei appeal

SINGAPORE (May 25): Huawei International has been ordered to pay Creative Technology and its subsidiary, QMax communications, an additional sum of US$2.3 million ($3.1 million), after the Singapore Court of Appeal today ruled in favour of the latter.

This is in addition to the US$9.3 million and $15.6 million with interest that the High Court had earlier awarded to Creative and QMax.

The Court of Appeal, whose judgment is final and non-appealable, has also awarded costs of the legal proceedings to Creative and QMax.

Creative posts US$6.5 million in net losses for 2Q17

SINGAPORE (Feb 2): Creative Technologies has reported a net loss of US$6.5 million for 2QFY17, compared with the earnings of US$12 million in 2QFY16.

For the quarter ended December, revenue fell 16% to US$22.2 million due to the challenges in the markets where its products are sold.

Total expenses fell 22% to US$10.5 million, due in part to the cost cutting measures at its research and development department.

Creative swings back to black in FY16, helped by gains from patent settlement

SINGAPORE (Aug 25): Creative Technology posted earnings of US$2.6 million ($3.5 million) for FY16, turning around from a net loss of US$33.4 million in FY15.

The group had recorded other gains of US$41.5 million during the year, including US$33.5 million from the proceeds of a settlement in a patent lawsuit, a US$2.7 million gain on disposal of investments, and a US$5.2 million write-back of subcontract accruals.

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