Singapore personal computer maker IPC Corp Ltd says the huge drop in its revenue for the financial year to December was due to disposal of overseas subsidiaries. IPC previously said the reduction of its stake in its wholly-owned US subsidiary to 19% and divestment of its Australian unit were to be effective on December 31 1996. IPC also said its extraordinary item of $26m includes $9.6m in losses from the sale of unprofitable overseas subsidiaries and termination of other businesses, and there was also a $31.8m provision for its troubled South Korean unit, offset by a $15m extraordinary gain from the sale of its Compagnie des Machines Bull SA shares.
Content from our partners
