AcrossAsia blames loss on expansion

PUBLISHED : Wednesday, 15 November, 2000, 12:00am
UPDATED : Wednesday, 15 November, 2000, 12:00am

AcrossAsia Multimedia's substantially bigger net losses in the nine months to September 30 can be blamed on higher depreciation charges and marketing and recruiting costs arising from expansion, according to the company.

A company spokesman said a worsening of the bottom-line was not unexpected given the company was embarking on various start-up multimedia ventures.

The cable television, Internet, mobile-phone and information technology services provider, which boasts the largest market capitalisation on the GEM board, reported a net loss of HK$60.47 million for the nine months to September 30.

This compared with a loss of HK$10.85 million in the same period a year earlier, and a net loss of HK$1.58 million for the three months to June 30.

In the three months to September, the company booked a net loss of HK$57.23 million and an operating loss of HK$73.22 million.