GSTechnologies Ltd - data infrastructure, storage, and technology services firm - Posts narrowed USD255,000 loss for financial year ended March 31 compared to USD369,000 loss year before. Sales down at USD4.5 million from USD6.7 million but net operating expenses fall to USD4.8 million from USD6.7 million as costs of goods sold drops to USD1.4 million from USD3.1 million. GST explains that "operating income has decreased by 32% partially due to the effects of Covid-19 with corresponding operating expenses also decreased by a similar percentage to USD4.8 million".
Chair Tone Kay Kim said: "I am aware as I write this in the midst of the Covid-19 pandemic, that there's talk of uncertainty and unprecedented change. While we don't yet know how deep the Covid-19 economic downturn will be, nor how long it will last, we are sure that the years immediately ahead of us will be more difficult for many businesses than the stable conditions we have enjoyed over the last decade. GST will not be spared from those difficulties and challenges.
"On a brighter note, GST intends to grow and profit from the resultant growth in technology industries and the info communications sector in particular, which must and shall continue to expand in the new normal world where many will work and study from home. Faster, secured and more efficient data centers are required and the forecast is for robust growth in the coming decades. GST intends to capitalise on these opportunities worldwide."
Current stock price: 0.26 pence
Year-to-date change: up 54%
By Anna Farley; annafarley@alliancenews.com
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Gstechnologies (GST)