30th Jun 2015 16:09
LONDON (Alliance News) - Parallel Media Group PLC Tuesday said its pretax loss widened in 2014 after its revenue sharply declined.
The company reported a GBP4.6 million pretax loss in 2014, widening from a GBP186,000 loss a year earlier after revenue almost completely depleted to GBP692,000 from GBP7.8 million.
Parallel said the revenue drop was caused by the Singapore Championship, a golf tournament formerly known as the Ballantine's Championship, being moved from Korea to Singapore at a very late stage which resulted in no title sponsor and a considerable reduction in secondary sponsorship, alongside numerous other events being held in 2013 that were not held in 2014.
The loss also widened because of a GBP3.7 million exceptional item related to inter-company loans and related party balances.
"Parallel Media Group can now look clearly to the future to focus on its two primary sources of revenue - the golf division and the music business," it said. Parallel Media said it has launched a new music festival in Korea, sponsored by insurer AIA.
Parallel Media shares closed up 10.8% to 21.05 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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