Creative swings back to black in FY16, helped by gains from patent settlement

SINGAPORE (Aug 25): Creative Technology posted earnings of US$2.6 million ($3.5 million) for FY16, turning around from a net loss of US$33.4 million in FY15.

The group had recorded other gains of US$41.5 million during the year, including US$33.5 million from the proceeds of a settlement in a patent lawsuit, a US$2.7 million gain on disposal of investments, and a US$5.2 million write-back of subcontract accruals.

Revenue for the year to June fell 15% to US$84.6 million as sales in Asia Pacific, the Americas and Europe fell 18%, 12% and 12% respectively due to difficult market conditions.

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