LONDON (Alliance News) - Golden Saint Technologies Ltd on Wednesday said it swung to a loss in the first half of its financial year due to the one-off costs of its recent reverse takeover.
Golden Saint Technologies provides infrastructure products for data centres, including structured cabling, air-conditioning, and consoles. Prior to this, Golden Saint Technologies was named Golden Saint Resources Ltd, and it was an early stage gold and diamond exploration firm.
Back in April, the company changed its name after its reverse takeover of tech business EMS Wiring Systems Pte Ltd and cancelled its AIM shares, transferring to London's Main Market.
In the six months to September 30, Golden Saint posted a net loss of USD210,000, swinging from a USD166,000 profit the year before.
This was attributed to costs associated with the reverse takeover and transfer to the Main Market. The company's expenses from continuing operations rose to USD2.5 million from USD1.9 million.
Sales increased to USD2.3 million from USD2.1 million.
Looking ahead, Golden Saint Technologies aims to begin deploying supplying new new data centres in south east Asia and also is building its India business.
"We are supplying a new TV-linked combo-box with streaming data and media functionality to customers in India. Looking ahead, we see a series of deals for this technology that better meets the needs of Indian middle-class urban consumers," said Golden Saint Technologies Executive Chairman Tone Goh.
The stock was down 3.7% at 0.65 pence midday Wednesday.
Gstechnologies (GST)