17th Sep 2013 10:39
LONDON (Alliance News) - UniVision Engineering Ltd Tuesday reported a decrease in pretax profit and revenue for the full year, as its results were affected by weak sales amid increased competition in its markets.
The Hong Kong-based engineering firm posted pretax profit of GBP241,683 for the period ended March 2013, down from GBP1.8 million a year earlier, while revenue dipped 6% to GBP7.3 million, from GBP7.8 million.
UniVision blamed the fall in revenue to a GBP400,000 reduction in its product sales income and electrical and mechanical business, which was mainly caused by the loss of sales to a one-off customer and a decrease in sales orders from existing customers due to increased market competition.
However, the firm said its security and surveillance business performed well and, looking ahead, expects it to benefit from higher demand from local government infrastructure projects and the commercial sector.
Basic earnings per share fell to 0.02 pence, from 0.47 pence a year earlier
The board declared a final dividend of HKD 0.78, after it paid nil last year.
UniVision shares were trading at 0.700 pence Tuesday morning, down 0.125 pence or 15.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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