DeClout Limited Announces Unaudited Group Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Plant and Equipment Written Off for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Full Year Fiscal 2018
For the year, the company reported revenues of SGD 273,485,000 compared to SGD 304,022,000 a year ago. Loss before tax was SGD 17,919,000 compared to profit of SGD 11,686,000 a year ago. Loss net of tax was SGD 20,500,000 compared to profit of SGD 9,507,000 a year ago. Loss net of tax attributable to owners of the company was SGD 16,448,000 compared to profit of SGD 7,758,000 a year ago. Net cash flows generated from operating activities was SGD 14,565,000 compared to net cash used in operating activities of SGD 11,769,000 a year ago. Purchase of property, plant and equipment was SGD 8,076,000 compared to SGD 12,386,000 a year ago. EBITDA was SGD 2,178,000 compared to SGD 26,863,000 a year ago. Additions to intangible assets were SGD 836,000 against SGD 248,000 a year ago. Loss per basic and diluted share was 2.53 cents compared to profit of 1.18 cents per diluted share a year ago.
For the quarter, the company reported plant and equipment written off of SGD 518,000 against SGD 92,000 a year ago. Impairment loss on intangibles was SGD 5,782,000.
Barring any unforeseen circumstances, the Group does not expect further significant losses from Corous360 post-restructuring and in the absence of major impairments and exceptional items, the Group expects to reduce its losses over the course of 2018 and return to profitability in fiscal 2018.