SINGAPORE (Nov 7): IPS Securex, the provider of security products and integrated security solutions, saw 1Q net loss narrowed by half to $0.22 million from $0.45 million a year ago.
Group revenue rose 36.5% to $2.3 million from $1.7 million. Revenue for the Group’s Security Solutions Business grew 94.3% $0.79 million. Revenue from the Maintenance and Leasing Business increased by 18.4% to $1.5 million.
On the back of the increase in group revenue, gross profit increased by 15.7% to nearly $1 million.
Finance costs increased to $41,000 from $14,000 mainly due to foreign exchange loss attributable to the weakening of the United States dollar in which the group’s sales were denominated against the Singapore dollar.
With persistent threats and continued security concerns in the Asia-Pacific region, IPS Securex says governments would have to continue to purchase, upgrade and replace existing security equipment and systems. This in turn, will provide demand for the group’s security products and integrated security systems in the longer term.
“As such, the group will continue to actively market its range of security products and integrated security solutions to meet the security needs of its customers in the Asia-Pacific region while managing costs,” it adds.
Shares in IPS Securex closed at 8.4 cents on Tuesday.
