SINGAPORE (May 10): Firearms training facilities provider Starburst Holdings sank to losses of $1.3 million for the 1Q ended March, from earnings of $0.4 million a year ago.
1Q18 revenue fell 62.4% to $1.6 million, from $4.2 million a year ago. The revenue in 1Q18 was mainly contributed by maintenance works.
Notably, the lower revenue was due to the absence of projects in the corresponding quarter a year ago, which included installation works for a firearm shooting range project in Southeast Asia and in the Middle East, as well as the Marina One architectural steel project.
As at end March, cash and cash equivalents stood at $11.8 million.
“On the back of the continuing geopolitical tensions and security threats, we continue to proactively pursue opportunities in designing and engineering of customised training solutions for existing and potential law enforcement-related customers, and actively respond to enquiries and requests for tenders from authorities in Southeast Asia and the Middle East,” says Jonathan Yap, managing director of Starburst.
“We remain committed to secure more contracts in both regions despite the competitive market conditions,” he adds.
“We will continue to focus on ensuring effective cost management of our projects and production costs to achieve sustainable operating performance,” says Edward Lim Chin Wah, Starburst’s executive chairman.
Shares of Starburst last closed at 41 cents on Wednesday.
