11th Dec 2015 11:13
LONDON (Alliance News) - Closed circuit television and surveillance system company UniVision Engineering Ltd Friday reported a swing to a pretax loss for its first half, as a result of increasing competition and a delay of major government infrastructure projects.
For the half year to end-September the company reported a swing to a pretax loss of HKD583,000 from a pretax profit of HKD2.4 million a year before, equivalent to a pretax loss of GBP49,000, swung from a pretax profit of GBP189,000.
This was as a result of revenue falling to HKD34.4 million from HKD,40.8 million, or GBP2.9 million from GBP3.1 million. UniVision attributed this decline primarily to a 27% fall in its maintenance construction business, mostly caused by a change in the scope of service provided in a new maintenance contract with MTR Corp Ltd, and lower sub-contract income for a CCTV replacement project.
Despite the fall in revenue, the company said it expects its business to improve, as several proposed major infrastructure projects are expected in the coming years.
It intends to maintain its dividend policy "in the coming years", it said, noting it has paid a final dividend to shareholders in its last three financial years.
UniVision said it remains confident for its future, and "cautiously optimistic" about its prospects.
Shares in UniVision were untraded Friday morning. It last traded at 0.550 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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