SINGAPORE (May 10): Global Invacom, the fully integrated satellite equipment provider, reported 1Q18 earnings dropped by 46.1% to US$0.33 million ($0.44 million) from US$0.61 million in 1Q17.
Revenue for the quarter came in at US$28.9 million compared to US$27.5 million a year ago, attributed to the increase in orders from the key customers in the UK and US.
As cost of sales increased 6.3% y-o-y to US$22.8 million, gross profit for 1Q18 came in at US$6.09 million, 1.0% higher than US$6.03 million in 1Q17.
Other income was 69.1% lesser at US$0.06 million from US$0.20 million a year ago.
During the quarter, the group did not record any other operating expenses, compared to US$0.11 million in the previous year.
As at March 31, cash and cash equivalents stood at US$12.5 million.
Tony Taylor, executive chairman of Global Invacom says, “Satellite systems remain a core technology partner for broadcasters, communications operators and media businesses globally, and we remain positive about the medium‐term prospects of the group.”
Shares in Global Invacom last traded at 11 cents on Wednesday.
