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Global Invacom profits more than halve on lower revenue, higher costs

StockMarketWire.com

Satellite communications equipment provider Global Invacom said Friday first-half pretax profit more than halved as a one-off costs and lower revenues weighed.

For the six months to 30 June, profit before tax fell to $0.8m from $1.9m a year earlier, revenue fell to $55.4m from $57.4m and gross profit margins improved 0.6% to 21.2%.

The company blamed the weak profits on one-off costs of $0.6m related to the closure of its non-core subcontracting site in the first half of last year. 'The satellite ground equipment sector is undergoing a once-in-a-decade technological shift, and the Company is very well placed to benefit. The innovative products that we are developing such as new slimline products, low-cost LNBs and new satellite antennas are in continual demand,' said Tony Taylor, Executive Chairman of Global Invacom. 'We have laid strong foundations in the first half of the year which will allow the Group to build momentum through the second half of FY2018 and beyond.' Story provided by StockMarketWire.com