LONDON (Alliance News) - Greka Engineering & Technology Ltd shares plunged Tuesday morning after the company's pretax loss barely budged despite a sharp rise in revenue in the first half.
Greka's pretax loss narrowed marginally to USD787,000 against USD834,000 a year earlier. The continued loss came despite a rise in revenue in the period, up to USD2.7 million from USD1.7 million last year, as it cost of sales increased in line with the revenue rise. Cost of sales increased to USD2.1 million from USD1.4 million last year.
Shares in Greka were down 25% to 1.979 pence midday Tuesday.
Greka said it won 27 new customers in the first half, increasing its total number of customers in China to 134, and said it negotiated new gas processing and electricity price contracts in the period.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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