16th Dec 2020 13:48
Orient Telecoms PLC - Singapore telecommunication services provider - Swings to a pretax profit of GBP8,367 in the six months ended September 30 from a GBP89,525 loss year-on-year. Reports a revenue of GBP317,512, showing an increase of 19% from GBP266,445 in 2019. Says this is due to the company providing connectivity that rides on third party infrastructure amid the evolution from 4G to 5G services across the world.
Looking ahead, Orient Telecoms says it expects a tough year in 2021 due to intense competition and the impact of Covid-19 slowing down the business. It adds that it is committed to continue its efforts in improving its competitiveness by implementing various strategies, including further negotiating better deals with other network providers as the business grows.
Current stock price: 34.00 pence
Year-to-date change: up more than 100%; traded at 10.25 on December 23, 2019
By Zoe Wickens; [email protected]
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