Creative Technology’s net profit spikes to $724.8k in 4QFY16

But plummeting sales continue to weigh on profitability.

Digital entertainment products provider Creative Technology is back to profitability as net profit rose to $724.8k (US$536,000) in 4QFY16 ended 30 June 2016 as against a net loss of $3.7 million (US$2.7 million) in the corresponding period last year. Gross profit for the quarter, however, dropped 17% to $6.6 million (US$4.9 million) compared to $8 million (US$5.9 million) in 4QFY15.

According to Creative Technology’s results, revenue was lower in the fourth quarter and FY16 due to the uncertain and difficult market conditions that continued to beat the sales of the group’s products.

“Net sales for the fourth quarter of FY16 decreased by 19% compared to the same quarter in FY15, and net sales for FY16 decreased by 15% compared to FY2015. Net sales in FY16 decreased across the three geographical regions by 18%, 12% and 12% in Asia Pacific, the Americas and Europe regions, respectively,” Creative Technology explained.

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