26th Jul 2019 12:56
(Alliance News) - Orient Telecoms PLC on Friday reported a slightly wider loss on higher expenses as it achieved its first ever revenue, and said it expects a better performance in the year ahead even though it is set to be a another challenging period.
Orient generated its first ever revenue in the financial year, totalling GBP218,822. Despite this, the company's pretax loss widened slightly in the year to March 31 to GBP212,980 from GBP205,529, as administrative expenses rose to GBP358,717 from GBP205,529.
The 2019 financial year was a "rewarding" year, despite some "minor setbacks" due to a challenging business environment.
The company said it expects 2020 to be another challenging year with "intense" competition, though management is looking forward to "leveraging on the good work" carried out by its team.
"Whilst it may not be an easy year ahead, the group is committed to continue its efforts in improving its competitiveness by implementing various strategies include further negotiating better deals with other network provider as our business grows, which will enable efficiency in cost management and optimization," said Orient.
Barring any unforeseen circumstances, the company continued, it anticipates a better performance in the year ahead.
Shares in Orient were untraded at 10.75 pence in London Friday.
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