LONDON (Alliance News) - Global Invacom Group Ltd on Wednesday said its profit declined in the third quarter of 2018, though revenue improved on increased demand for data and internet delivered by satellite.
The satellite communications equipment provider said revenue in the three months to the end of September rose 7.0% to USD30.5 million from USD28.5 million reported for the third quarter of 2017, benefiting from good revenue to its major customers arising from new product sales.
Geographically, revenue for in the third quarter increased year-on-year in America and the Rest of World by 15% and 8.0%, respectively. In Europe and Asia revenue came in lower on the prior year by 9.0% and 21% respectively.
Pretax profit dropped to USD104,000 from USD826,000, due to a one-off write-back of payables amounting to USD600,000 following the closure of the non-core subcontracting site.
Administrative expenses rose to USD5.8 million from USD5.2 million year-on-year.
"Our core satellite business will continue to remain our focus as we roll out new, innovative products, strive to increase market share and extend our reach to new markets," said Executive Chairman Tony Taylor.
"As one of only seven companies capable of delivering integrated satellite communication solutions, we are well-placed to capitalise on the shifting technology and growing opportunity," added Taylor.
Global Invacom shares are currently suspended, as its pending acquisition of Tactilis Sdn Bhd for USD200 million is considered a reverse takeover.