27th Dec 2019 10:38
(Alliance News) - UniVision Engineering Ltd on Friday said its revenue and profit fell in the first half of its current financial year due to delays caused by protests and increased expenses.
The surveillance systems supplier reported a 26% decrease in revenue to HKD49.5 million, about GBP4.9 million, in the six months to the end of September from HKD66.8 million a year ago. This is said to be caused by protests against the anti-extradition bill in Hong Kong, which resulted in the delay and postponement of installation plans for its contract with Mass Transit Railway Corp.
The company said the contract with Mass Transit Railway to provide replacement works of the CCTV systems for numerous railway lines in Hong Kong turned out to be relatively more labour intensive when compared with last year.
The company also saw an increase in administration expenses to HKD7.8 million compared to HKD6.2 million in the same period last year due to increased headcount & associated personnel expenses, rental expenses, repairs & maintenance expenses, and electricity charges.
Looking forward, UniVision said it believes that the contract with Mass Transit Railway provides a solid base for the company over the next few years.
UniVision Engineering shares were trading 8.1% higher at 2.00 pence per share on Friday morning in London.
By Ife Taiwo; [email protected]
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