Net loss improves by 19.4% as a result of reduction of 16.3% in overall operating expenses in Q1 2019.
Digital activity continues to accelerate as KADDRA white label platform is launched.
TORONTO, May 16, 2019 /PRNewswire/ -- Sarment Holding Limited ("Sarment", "SAIS" or the "Company") (TSXv: SAIS), a leader in global lifestyle management and developer of Customer Experience Management solutions, announced today its first quarter financial year results for the period ended March 31, 2019.
For the three months ended March 31, 2019, total revenue was US$3.8 million, a decrease of US$0.9 million or 20.8% compared to US$4.7 million revenue reported for the same period in 2018. A diminution in product-customer mix in lieu of increased sales of lower priced products in the distribution activity accounted for most of the revenue decrease. Also, negative currency fluctuations accounted for 4.2% or US$0.2 million of the revenue decrease.
During the three months ended March 31, 2019, the Company re-aligned the organization for improved commercial accountability and productivity resulting in a 7.5% reduction of staff expense and 16.3% reduction in overall operating expenses compared to the first quarter in 2018.
"The Company is consciously consolidating efforts to ensure the business is run with maximum productivity and cost efficiency as we build towards our goal of becoming a leading service provider in customer connectivity," noted Quentin Chiarugi, Chief Executive Officer of SAIS Group.
The Company's proof of concept digital marketplace, KEYYES, saw 4,828 registered members as of March 31, 2019. This represented a growth of 48% or 1,566 registered members when compared to December 31, 2018. For the three months ended March 31, 2019, digital marketplace sales on the KEYYES platform -- which is powered by KADDRA's CEM technology -- was approximately US$160,425.
"We are greatly encouraged by the results of the KADDRA technology on the proof of concept we operated over a six-month period and how the ecosystem showcased its capacity to provide a real solution for businesses to drastically improve their customer engagement and retention. Looking forward, we aim to accelerate development and marketing efforts for KADDRA's CEM product range, enabling more businesses to take their customer experience to a new level of connectivity," Chiarugi continued.
Subsequent to the three months ended March 31, 2019, the Company has successfully utilized its experience from the proof of concept of KEYYES and launched the product suite of its technology arm KADDRA. The KADDRA CEM platform and its white label product range aimed at helping businesses connect with and retain their customers.
In April 2019, a first agreement worth up to US$0.6 million for two years was signed with a prominent global luxury carmaker to utilise the Company's services for enhancement of its digital ecosystem.
About Sarment Intelligent Services (SAIS)
Singapore-based SAIS Group is a leader in global luxury lifestyle management and developer of Customer Experience Management platforms. Sarment's AI-based digital ecosystem provides intelligent services focusing on creating technologies to provide unique digital experiences. Since its establishment in 2012, Sarment has expanded throughout Asia and is now seeking global expansion.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To learn more about SAIS Group, visit our website: sais-group.com
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