HOMEGROWN electronics company Creative Technology posted a net loss of US$4.1 million for its half year ended Dec 31, narrowing from its loss of US$10.6 million the previous year.
Revenue for the period increased by 13 per cent to US$31.8 million from US$28.2 million a year earlier, the mainboard-listed company’s condensed interim financial statements showed.
The higher revenue recorded was due to the launch of new products, said the company in a regulatory filing on Wednesday (Feb 7).
It added that research and development expenses for the period decreased by 49 per cent to US$4.8 million from US$9.3 million largely due to lower payroll and related expenses in line with the lower headcount after its restructuring exercise in FY2023.
Loss per share for the period stood at US$0.06 compared with US$0.15 in the year-ago period.
No dividend was declared for the period.
The company noted that despite the challenging overall business environment, it has in place a business plan that will “grow (its) revenue and margins”.
Notably, its strategy to grow its headphone business is progressing on track, it said.
“We will continue to exploit technology to transform the mass market and further establish our position in the headphone business, with a series of new (products) being planned for launch in the current year,” it added.
The company also intends to introduce new speakers to expand its position in the premium speaker segment.
Creative expects an increase in revenue and gross profit margin, as well as an improvement in operating results for the second half of FY2024.
The company also announced on Wednesday three redesignations of appointments.
Former non-executive independent acting chairman Lee Kheng Nam is now a non-executive independent chairman.
Ng Kai Wa, who was a non-executive independent acting vice-chairman, is now a non-executive independent vice-chairman.
Lee and Ng are currently also independent directors of the company.
Former interim chief executive officer Song Siow Hui is now chief executive officer.
Shares of the company slipped S$0.04, or 3 per cent, to close at S$1.28 before the announcements.
