4 August 2021 | 08:00am
StockMarketWire.com - Satellite equipment company Global Invacom warned that it expected to report an annual net loss, but pledged to undertake a further restructuring across the company to cut costs.
For the half year ended 30 June 2021, the company expects to report a net loss of approximately US$1.2 million against a net profit of US$0.3 million year-on-year.
Revenue in 1H FY2021 is expected to be approximately US$40.4 million versus US$52.8 million in 1H FY2020. The expected net loss for 1H FY2021 is mainly attributable to higher operating costs and higher material costs arising from the ongoing global COVID-19 pandemic, the company said.
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