Allied Tech's audited statements reveals $30m net loss for FY2018

This was blamed on an impairment loss of $31.27m from the acquisition of Asia Box Office.

Allied Technology reported an audited $30m net loss during the FY2018 period, after its unaudited accounts declared $2.16m of net profit, an SGX filing revealed.

This was blamed on an impairment loss of $31.27m to write-down the carrying amount of goodwill arising from the acquisition of its subsidiary Asia Box Office and Activpass Holdings (Activpass).

The firm’s audited revenues also went down to $125.9m, as compared to the unaudited $126.6m, which was attributed to reclassification of an income from consultancy services that ABO provided to the principal in relation to an international sporting event for a consideration of $891,387 (US$660,000).

The group acquired a 51% stake in ABO on 4 April. AllideTech pro-rated the fees to be received, and $668,540 of the consultancy fee received was reclassified to other income.

In May, its client JLC Advisors has failed to pay $33.15m of escrow funds.

“The company is currently taking all steps necessary to recover the Escrow Funds from JLC,” AlliedTech said in the report.