11th Aug 2023 10:34
(Alliance News) - Global Invacom Group Ltd on Friday said its interim revenue plunged amid a challenging year, while its loss narrowed.
For the six months ended June 30, the Singapore-based satellite communications equipment and electronics provider said pretax loss narrowed to USD2.1 million from USD3.3 million a year prior as gross profit grew by 13% to USD8.3 million.
Revenue fell by 16% to USD31.3 million from USD37.4 million, as market requirements for its products were impacted by "ongoing delays to the launch of satellites", the company said.
The company did not declare an interim dividend, unchanged from the first half of 2022.
Looking ahead, Global Invacom said it expects a "challenging" rest of the year.
Interim Chief Executive Officer Gordon Blaikie said: "Whilst the market continues to experience delays to satellite launches, we are now seeing signs of renewed customer activity and an acceleration of timetables. We remain committed to our technology and working with our partners to ensure we are an integral part of the supply chain process."
Shares in Global Invacom were untraded at 4.85 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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