Artivision Tech’s 1Q loss widens to $3.5 mil despite higher revenue

SINGAPORE (July 31): Artivision Technologies’ 1Q17 net loss widened to $3.48 million from $1.8 million in 1Q16 despite higher revenue and gross profits.

The weaker bottom-line was mainly due to higher administrative and finance expenses as well as higher cost of sales stemming from subsidiary Artimedia Technologies’ acquisitions of video inventories from publishers.

Group revenue for the three months ended June rose to $4.33 million from $1.74 million for the same period last year. This was driven mainly by Artimedia which accounted for $2.67 million or 62% of the group’s total revenue for the quarter.

---

Related Stories

• MC Payment to raise some $6.4 million on proposed placement of up to 16 mil shares
• Artivision's acquisition of MC Payment approaches finishing line
• Artivision seeks extension of long stop date for reverse takeover of e-payment solutions firm

---