12th May 2016 08:06
LONDON (Alliance News) - Satellite communications equipment provider Global Invacom Group Ltd Thursday reported a narrowed pretax loss for its first quarter, boosted by revenue from Skyware Global, which it acquired in august last year.
The company reported a pretax loss of USD630,000 for the first quarter of 2016, narrowed from a pretax loss of USD829,000 the previous year, on revenue of USD30.8 million, up from USD27.0 million.
Skyware contributed USD11.5 million in revenue in the quarter, which helped offset a fall in revenue from the company's largest customer in the US, as well as lower revenue in its contract manufacturing segment due to lower demand from its largest Malaysian customer.
Global Invacom said its overall performance in the quarter had continued to be restricted by a current shift in technology in the satellite ground equipment industry, but it expects its sales to improve throughout 2016.
"Since the acquisition of Skyware Global, we have consolidated our supply chain footprint in the US and strengthened both our management team and global sales network. We will continue to pursue global leadership in the research and production of Sat Comms equipment, and remain committed to providing premium satellite services to our clients," said Executive Chairman Tony Taylor in a statement.
Shares in Global Invacom were untraded Thursday morning, having last closed at 8.80 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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