Declout reports 3Q losses of $3.3 mil on Procurri IPO costs

SINGAPORE (Nov 10): Declout reported a $3.3 million loss for 3Q16 driven mainly by Procurri’s listing expenses of $2.2 million. Excluding the one-time Procurri expenses, 3Q16 losses would be at $1.1 million due to operating losses from subsidiaries. 

Revenue for the quarter rose 20.2% to 81.2%, driven by improved contributions from existing businesses (10.7%) as well as newly acquired subsidiaries (9.5%).

The effect of Brexit of the weakening Pound and economy in the UK is expected to persist and drag the UK operation’s performance – which contributes 10% of revenue – according to the company.

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