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SINGAPORE : Electronics firm Creative Technology racked up a net loss of US$19.7 million for FY2008 ending June 30.
This compared to a net gain of US$28.2 million made by the company last fiscal year. Last year's results included a US$100 million paid-up licence from Apple for its use of the ZEN Patent in its products.
Revenue figures were also down for FY2008, with a slide of 19.5 per cent from last year to US$736.8 million.
Craig McHugh, president and COO of Creative Labs, said: "We are expecting revenues of approximately US$130 million to US$140 million in the current period.
"Due to adverse macroeconomic conditions which we see continuing through our fiscal Q2 and because we may be de-emphasizing some of our underperforming businesses, we are projecting lower year-over-year revenues."
Earlier this year, Creative completed the sale and leaseback of its Creative Resource building in Singapore, making a gain of US$147.9 million from the deal.
This amount is treated as a deferred gain and will be amortised and recognised in Creative's income statements over the lease term of five years. - CNA /ls
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