(Alliance News) - Global Invacom Group Ltd on Wednesday said it expects to swing to a full-year loss and to report a 12% drop in revenue.
Global Invacom is a Singapore-based satellite communications equipment and electronics provider.
Global Invacom said it expects to swing to a net loss after tax of around USD13.2 million in 2022, from a profit of USD558,000 a year earlier.
The company attributed this downturn to an expected loss after tax from trading activity of around USD6.6 million, a goodwill impairment of assets of about USD5.2 million, and a tax write off of approximately USD1.3 million.
"Both the goodwill impairment and tax write off, which are non-cash in nature, solely relate to the performance of the group's US subsidiary and impact the assessment of the group's goodwill investment in that business and the value of a deferred tax asset within that subsidiary", it explained.
Global Invacom said revenue is expected to drop 12% to around USD72.8 million from USD82.5 million.
The full-year results are expected be announced by March 1.
Shares in Global Invacom were flat at 4.98 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News reporter
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