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SINGAPORE (Mar 2): Y Ventures Group has entered into a non-binding memorandum of understanding (MOU) with Singapore Post.
This is to explore a potential collaboration for the development of an e-commerce buying platform which will focus on cross-border purchases on behalf of consumers and consolidated deliveries and logistics-related technology to enhance efficiency across the vertical logistics chain.
On Wednesday, Y Ventures reported a loss of US$0.9 million ($1.2 million) in FY17 compared to a profit of $1.5 million in the previous financial year due to higher administrative expenses.
This comes despite a 17.4% increase in revenue to US$14.2 million from US$12.1 million a year ago, which was mainly due to higher sales of goods on online marketplaces.
Y Ventures said that without these administrative expenses, the group would have recorded a profit after tax for the year.
In its outlook, the group expects the e-commerce market to remain generally competitive over the near future but promising in the long run. It also expects its new subsidiaries setup in FY2017 to begin contributing revenue in the coming financial year.
Shares in Y Ventures closed at 68 cents on Friday.