Due to its weak printing business.
Xpress Holdings reported a net loss of $190,000 in the first quarter of its financial year, on back of a 34% year-on-year drop in revenue that saw its top line drop to just $2.0m.
During the quarter, the group’s printing revenue dropped 21.7% to $0.52 million, mainly due to lower revenue contribution from its local and overseas operations.
“The intense competition amidst a shrinking market has continued in the Singapore and China markets. At the same time, new technologies from the digital print segment replaced a significant portion of the demand in the traditional offset printing segment,” Xpress Holdings said in its financial statement.
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