Courts Asia 9M losses widen to S$5.4 mil

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SINGAPORE (Feb 10): Courts Asia, which received a buyout offer from Japanese electronics retailer Nojima Corporation last month, reported losses for the nine months (9M) ended December widened to S$5.4 million, after reversing into a loss S$171,000 in 3Q, compared with a profit of S$3.5 million.

Revenue from sales of goods and other services dipped 2.5% to S$160.7 million, while revenue from service charge income fell 33.7% to S$14.6 million. This resulted in a 14% drop in gross profit of S$55.67 million, despite cost of sales falling 2% to S$119.6 million.

Other income and other gains rose 15.7% to S$1.8 million, while impairment losses on trade receivables narrowed 41.2% to S$4.7 million. Expenses from...(click on link for full story on theedgesingapore.com)