Yanion International slumps into the red

RED ink poured from the accounts of Yanion International Holdings yesterday as the cassette and compact disc-maker announced a slump into loss in 1993.

Despite an 18.3 per cent rise in turnover to $281.77 million, the group made an operating loss of $22.17 million, compared to a profit in the previous year of $5.38 million.

The loss at the net profit level was $27.53 million compared to a profit in 1992 of $2.43 million.

The loss on a per share basis was 9.1 cents, compared to a gain in the previous period of 0.8 cent.

Despite the losses, the company gave no real comprehensive explanation of what it was doing about the situation.

The company said it had found stability and that talented new people had been enlisted.