Lorenzo International Limited announced unaudited group earnings results for the year ended December 31, 2011. For the year, the company reported revenue of SGD 74,343,000 against SGD 83,210,000 a year ago. Profit before tax was SGD 760,000 against SGD 6,989,000 a year ago. Loss attributable to equity holders of the company was SGD 1,196,000 or 0.59 cents per diluted share against profit attributable to equity holders of the company of SGD 4,425,000 or 2.51 cents per diluted share a year ago. Net cash used in operating activities was SGD 998,000 against net cash generated from operating activities of SGD 1,025,000 a year ago. Purchase of property, plant and equipment was SGD 4,073,000 against SGD 2,455,000 a year ago. Net asset value per share was 18 cents against 19.30 cents a year ago. FY2011. Profit after taxation decreased by SGD 5.2 million. The loss was due mainly to provisions, including a provision for slowing moving stocks of SGD 0.6 million; a one-off inventory write-off of SGD 0.5 million; a fixed assets write-off of SGD 0.1 million; and an impairment loss of accounts receivables of SGD 0.6 million. The company also announced that barring unforeseen circumstances and any impairment charges, the directors expects the group to be profitable in fiscal 2012.