SINGAPORE (Aug 10): Global Invacom Group announced 2Q17 earnings surged nearly fourfold to US$873,000 ($1.2 million) from US$225,000 in 2Q16, lifted by sales of the group’s newly designed Low Noise Block (LNB) products.
However, 2Q17 group revenue decreased 10.8% y-o-y to US$29.9 million from US$33.5 million. This reflected the reduction in sales from non-core Contract Manufacturing following the consolidation of the two subsidiaries in China into one site in late FY16. Cost of sales narrowed 8.1% to $24.1 million. Other income rose to US$0.7 million from US$12,000.
Administrative expenses decreased 19.5% to US$5.2 million in 2Q17 from US$6.5 million due to ongoing cost-saving exercises initiated during FY16 including the consolidation of the two operations in China.
As at end June, cash and cash equivalents stood at US$10.1 million.
Tony Taylor, Executive Chairman of Global Invacom, says, “We will continue to expand our product portfolio through ongoing R&D and execute our strategy to become the lead provider, designer and manufacturer of satellite ground equipment worldwide.”
Shares in Global Invacom last traded at 16 cents on Tuesday.
