Global Invacom swings to first half loss, upbeat on second half

(ShareCast News) - Satellite communications equipment company Global Invacom posted a $2.6m pre-tax loss for the first half of the year, as it warned in July.Shares in the AIM listed company fell by 1.79% to 0.275p at 0839 BST.The Singapore based company's loss followed a $4.3m pre-tax profit during the same period last year.Revenue was down by 22.6% to $54m from $69.8m, which the company said was due to changes in procurement procedures of its major clients.Loss per share was 1.09c, while net asset value per share stood at 20.18c for the half, compared with 22.33c at 31 December 2014.In a statement the company said while the first half of the year was "challenging" the majority of delayed orders had resumed.Global Invacom management said they expected a return to profitability in the second half.Executive chairman Tony Taylor said the company was also contesting how its products were classified for tax purposes in the US.