Ossia International Limited Reports Unaudited Group Earnings Results for the Second Quarter and Half Year Ended September 30, 2018; Reports Group Write-Off of Property, Plant and Equipment for the Second Quarter Ended September 30, 2018
For the six months, the company's revenue was $10,399,000 compared to $11,252,000 a year ago. The decline in sales is mainly due to closure of non-performing outlets and discontinued brands. Loss from operations was $840,000 compared to $1,005,000 a year ago. Profit before income tax was $1,244,000 compared to loss of $1,149,000 a year ago. Profit attributable to owners of the company was $1,267,000 compared to loss of $1,123,000 a year ago. Net cash used in operating activities was $731,000 compared to $301,000 a year ago. Net cash used in operating activities increased, mainly due to increase in new season stocks purchased in Taiwan. Purchase of property, plant and equipment was $749,000 compared to $543,000 a year ago.
For the quarter, the company reported write-off of property, plant and equipment of $20,000 against $69,000 a year ago.