SINGAPORE (May 8): Security solutions provider IPS Securex reported 3Q ended March loss widened to $0.3 million from $0.2 million a year ago on lower revenue and higher expenses.
Revenue for 3Q fell 12.9% to $2 million compared to $2.2 million a year ago as revenue contributions from both segments declined.
This came largely due to a lower demand for security products and integrated security solutions from the Security Solutions business, as well as a delay in the commencement of a maintenance contract in the case of the Maintenance & Leasing business.
Administrative expenses grew 5.1% to $1.4 million due to higher employee remuneration and distribution & market expenses.
Looking ahead, IPS Securex says it will continue its active participation in the tenders of its customers. It intends to continue sourcing for new and complementary security products and solutions to add on to its existing portfolio, so that it can meet the ever-changing needs of its current and future customers.
Shares in IPS Securex last traded 4.6 cents.
