Xpress swings into a $21.8 net loss in FY16

Blame it on the losses from selling its subsidiaries.

Singapore-listed printing services provider Xpress Holdings widened its net loss as it ended its financial year.

For the year ending in July, the group posted a $21.8 million net loss, in contrast to the $311,000 earnings last year. This is mainly due to losses incurred in the sale of some of its subsidiaries.

Xpress has already suffered a net loss of $172,000 in Q3.

During Q4, the group concluded the sale of certain loss-making subsidiaries in China, Malaysia and Hong Kong comprising of Xpress Print (Shenzhen) Co. Ltd, Precise Media Group Limited, Xpress Print (K.L.) Sdn Bhd, Xpress Print (H.K.) Ltd.

"The sale companies were sold at a deficit of S$7.42 million to its net asset values, and together with another S$12.25 million loss on exchange translation reserves which was realised upon the Disposal, the Group recorded a total loss of S$19.67 million upon disposal of the subsidiaries," the group said.

Looking forward, the group claimed that its existing business will be able to improve on its results in the next financial year.