31st Jul 2023 12:10
(Alliance News) - AIQ Ltd on Monday reported a larger loss in its first financial half of financial 2023, amid significantly lower revenue.
AIQ is a company focused on acquiring and developing e-commerce sector businesses.
AIQ said pretax loss in the six months to April 30 widened to GBP352,848 from GBP202,221 a year prior. Revenue plummeted to GBP72,960 from GBP361,061.
AIQ shares fell 26% to 9.60 pence each on late Monday morning in London.
"The environment for non-fungible token and other blockchain-based projects has remained challenging as a result of the impact of the macro-economic conditions as well as the volatility in the crypto markets."
AIQ added that it has vacated its premises in Malaysia and is in the process of consolidating its operations in the country.
Looking ahead, Chair Harry Chathli said: "The board is keeping all its strategic options open should the markets not turn favourable in the short- to mid-term."
Further, the company said it will extend its convertible loan note instrument from January 2022 by one year, to January 2025 from January 2024.
By Tom Budszus, Alliance News reporter
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