Notably, total expenses fell 42.6% to $4.7 million because of the company’s restructuring of its Yellow Pages business announced on Aug 1 2017, which in turn led to lower staff costs as well as printing & material costs.
The latest set of results brings GYP’s earnings for 1H18 to $1.9 million, representing a 55.8% decline from its earnings of $4.3 million in the same period a year ago.
In its outlook, GYP highlights its recent investment in FundPlaces, which leverages on blockchain technology to operate an online platform that allows investors to build a diversified real estate investment portfolio.
According to GYP, the investment is part of its strategy to further develop its core property business, and allow the group to leverage on the FundPlaces platform as an additional avenue for the group to raise funds for its property development projects.
Shares in GYP closed 2 cents lower at 16 cents on Friday.
