01-03-2013, 07:56 PM
Internet Technology Group has announced its FY 2012 results.
Results here
Gross Profit: 8.869 million (down 14.1%)
Net Profit: -1.268 million (down 122%)
Due mainly to increase in distribution and selling expenses and administrative expenses; both directly expenses in subsidiary China JiangXi Singapore Property Development.
No dividend declared but the company has paid off all its debt and is now debt free.
Results here
Gross Profit: 8.869 million (down 14.1%)
Net Profit: -1.268 million (down 122%)
Due mainly to increase in distribution and selling expenses and administrative expenses; both directly expenses in subsidiary China JiangXi Singapore Property Development.
Quote: Distribution and selling expenses increased from S$0.10 million to S$1.58 million in the current financial year was mainly due to Sales & Marketing Department of subsidiary in China JiangXi Singapore Property Development Co. Ltd. ("JXSPD") was newly set up in the current financial year and the costs incurred were mainly for advertisements and promotions.
The increase in administrative expenses was mainly due to development works of JXSPD was fully kick-off in the current financial year. As compared to prior year, the development works only carried out in last 2 months of FY2011.
No dividend declared but the company has paid off all its debt and is now debt free.