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(Alliance News) - Golden Saint Technologies Ltd on Wednesday said it swung to loss in its recently-ended financial year due to initial public offering costs.
The company was admitted to trading on London's Main Market in November last year.
The information and communication technology company said it swung to a pretax loss of USD369,000 in the year to the end of March compared to a profit of USD304,000 reported a year prior. The company made a loss mainly because of the costs of the admission to trading on the London Stock Exchange, it explained.
Meanwhile, net operating income jumped to USD6.7 million from USD4.6 million year-on-year, but this was offset by operating expenses, which grew to USD6.7 million from USD4.3 million.
Golden Saint said its ICT Solution provider business made "significant" improvements in both its sales and operations in the year, whilst its Data-Centre division also delivered "fruitful" results.
"The group looks forward with confidence with its plans to deliver strong and healthy shareholder value in the current financial year," said Executive Chair Tone Kay Kim.
Golden Saint shares were trading 2.7% lower on Wednesday in London at 0.18 pence each.