7th Sep 2020 14:06
(Alliance News) - UniVision Engineering Ltd on Monday said its annual earnings fell and added that political protests in Hong Kong could benefit the company in the long-term, but only after a short-term hit.
Shares in the company plunged 30% to 0.91 pence each in London on Monday afternoon.
Revenue in the year to March 31 was 28% lower at GBP10.7 million from GBP14.2 million. Pretax profit slumped 74% to GBP451,683 from GBP1.7 million.
UniVision supplies closed-circuit television and surveillance systems and is based in Hong Kong.
The revenue fall was partly due to a drop in construction contracts. UniVision said there was a 33% drop in construction pacts during the year.
The company added: "The current protests against anti-extradition bill in Hong Kong may appear to be a cause for concern and affect current work in progress at certain locations in the past couple of months.
"However, the long term effects of these protests may result in more opportunity for the company as our customers expected to make additional orders, or look to invest additional funds to provide enhanced security and surveillance, such as installation of additional cameras and also facial recognition technology, to help protect its premises, infrastructure and citizens respectively."
UniVision held its payout at HKD0.55 per share, about GBP0.054.
By Eric Cunha; [email protected]
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