Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Satellite equipment company Global Invacom warned that it expected to report an annual net loss, but pledged to undertake a further restructuring across the company to cut costs.
For the half year ended 30 June 2021, the company expects to report a net loss of approximately US$1.2 million against a net profit of US$0.3 million year-on-year.
Revenue in 1H FY2021 is expected to be approximately US$40.4 million versus US$52.8 million in 1H FY2020.
'The expected net loss for 1H FY2021 is mainly attributable to higher operating costs and higher material costs arising from the ongoing global COVID-19 pandemic,' the company said.
'The financial performance of the Group in 1H FY2021 reflects broader macroeconomic challenges and ongoing COVID-19 challenges,' the company said.
The company said, however, it would undertake a further restructuring across the group to reduce its cost base, removing 'excess headcount in non-core functions and reducing administrative costs.'