Global Invacom Group, the provider of satellite communications equipment, reported a net loss of US$1.1 million ($1.5 million) for the FY15 compared to a net profit of US$5.1 million in FY14.
Revenue for the 12 months to Dec declined 3.7% to US$129.1 million from US$134.1 million the previous year.
This was mainly due to delayed sales in first-half sales to main customers in America, Europe and Asia who either destocked or altered their procurement procedures, with one undertaking a significant technology change which usually occurs about once every eight to 10 years.
“While all orders restarted in 2H FY2015, effects from the technology change will persist into 1H FY2016,” says Global Invacom in its filing.
Gross profit margin also fell to 19.3% from 23.7%.
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Revenue for the 12 months to Dec declined 3.7% to US$129.1 million from US$134.1 million the previous year.
This was mainly due to delayed sales in first-half sales to main customers in America, Europe and Asia who either destocked or altered their procurement procedures, with one undertaking a significant technology change which usually occurs about once every eight to 10 years.
“While all orders restarted in 2H FY2015, effects from the technology change will persist into 1H FY2016,” says Global Invacom in its filing.
Gross profit margin also fell to 19.3% from 23.7%.
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