Xpress posts net losses of $21.8 mil for FY16 on disposal of subsidiaries in the red

SINGAPORE (Sept 29): Xpress Holdings posted net losses for $21.8 million for FY16, compared with earnings of $314,000 in FY15.

This was mainly due to the recognition of $19.7 million in losses from the disposal of unprofitable subsidiaries as the companies were sold at a $7.42 million discount to its net asset value and included a realised $12.25 million loss on exchange translation reserves.

In 4Q, the group had sold Xpress Print (Shenzhen) Co., Precise Media Group, Xpress Print KL, Xpress Print Hong Kong and its available for sale financial asset, Shenzhen Jiaxingda Printing Co., for $1 million.

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