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(Alliance News) - GSTechnologies Ltd, formerly Golden Saint Technologies, said on Monday its loss widened in the first half of its financial year due to a decrease in profit margin and an increase in employee costs.
GSTechnologies provides wireless, electronic cabling, security, and other solutions to clients in the infrastructure development space.
While revenue rose 11% to USD2.6 million in the six months to September 30 from USD2.3 million a year prior, the company's loss widened to USD470,000 from USD210,000. This was attributed to an increase in employee costs and "increasing market complexity in a time of uncertainty with global trade wars, political upheavals, and unprecedented environmental issues".
GSTechnologies said it will continue to pay no dividend, in order to retain capital for investment opportunities.
Looking ahead, Executive Chairman Tone Goh said he believes the current financial year "holds greater opportunities in both South East Asia and in post-Brexit Britain for the group".
Sales in the year ending March 31 are guided at between USD4.5 million and USD5 million, with between USD2 million and USD2.5 million in sales in the second half, versus the USD2.6 million in the first.
Goh said that a joint-venture partnership with a blue-chip Thai conglomerate is expected to start early in 2020.
GSTechnologies will "leverage on its existing strengths and move into further profitable areas by providing innovative products and solutions and therefore expanding into new geographies with a more diversified client base", Goh added.
Shares in GSTechnologies were untraded Monday morning in London at 0.17 pence per share.
By Ife Taiwo; ifetaiwo@alliancenews.com
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