Written by The Edge
Thursday, 05 August 2010 09:03
Global Yellow Pages, the publisher of telephone directories and provider of classified directory advertising, has reported a net loss of $2.9 million for the first quarter ended 30 June 2010 (1QFY2011) compared to a net loss of $0.9 million in 1QFY2010.
Global Yellow Pages says the earlier part of the financial year typically records a net loss as the revenue from the group’s major print directories which are the main contributors of its revenue are only recognised during the later part of the financial year.
During the quarter under review, the group registered revenue of $1.7 million, a 65.5% decline from the previous corresponding quarter of 1QFY2010. The lower revenue was mainly due to the timing difference in revenue recognition of some of the print directories. The current editions of these directories were published and distributed in 4QFY2010 while the previous year’s editions were distributed in 1QFY2010.
Decline in other gains to $0.6 million from $1.1 million in 1QFY2010 was due mainly to one-off gain on disposal of the group’s property in Malaysia in the corresponding quarter last year. Total expenses reduced by 11.6% in 1QFY2011, due mainly to a decrease in finance expenses for the quarter offset by an increase in staff costs.
The group maintained a healthy cash position with a $2.2 million increase in cash and cash equivalents to $17.8 million as at 30 June 2010.
Dividend : None
