SINGAPORE (Jan 11): Yinda Infocomm, formerly known as CMC Infocomm, saw its losses widen to $1.4 million for the half year ended Nov 2017, from losses of $0.4 million a year ago.
Revenue fell 17.9% to $6.4 million in 1H18, from $7.7 million in 1H17.
This was mainly due to lower revenue contribution from In-Building Construction (IBC) projects in Singapore and the Philippines.
Gross profit was nearly halved to $1.0 million in 1H18, from $2.0 million a year ago, as gross profit margins fell 10.1 percentage points to 16.3%.
This was mainly due to cost incurred for several IBC projects in Singapore nearing completion but not yet billed.
As at end November, cash and cash equivalents stood at $1.8 million.
Looking forward, the group says it will continue to focus its efforts in marketing to its existing customers based in Singapore, Thailand and the Philippines, as well as in delivering its existing projects expeditiously.
While opportunities may arise with the recent award of a license to the fourth telecommunications operator and the potential sales of spectrum rights in Singapore, the group says it remains cautious amid the prevailing economic uncertainties.
Shares of Yinda Infocomm last closed at 9.5 cents on Aug 23, 2017.
