Global Yellow Pages suffers from S$124.7m net loss

Check out these 2 culprits.

According to a release, Global Yellow Pages Limited reported a net loss of S$124.7 million for the full year ended 31 March 2013 due to
restructuring costs and an impairment of intangible assets as compared to a net profit of S$4.2 million for the corresponding period last year.

Excluding these one off expenses, the Group would have remained profitable with a net profit of S$3.2 million.

For the year ended 31 March 2013, the Group’s revenue of S$30.2 million was lower by 17.8% as compared to last year mainly due to lower revenue from print directories, offset partially by revenue contribution from Singapore River Water Taxis and River Cruises, which commenced operations in January 2013, and the increase in revenue from call centre and database marketing services.

Other expenses at S$134.5 million were S$123.5 million higher than last year due to an impairment of intangible assets, specifically goodwill arising on business acquisition and trademarks with indefinite useful life amounting to S$125.5 million. Amortisation was S$1.5 million higher compared to last year mainly due to an accelerated amortisation of a trademark.

Excluding the above and restructuring costs of S$0.9 million, total expenses were S$4.4 million lower than last year at S$29.5 million.

Consequently, the Group posted a net loss of S$124.7 million for FY2013 as compared to a net profit of S$4.2 million for FY2012. Excluding the one off expenses (impairment, accelerated amortisation and restructuring costs), the Group would have remained profitable with a net profit of S$3.2 million for FY2013.