GSTechnologies Ltd - Milton Keynes, England-based provider of wireless, electronic cabling, security, and other services to clients in infrastructure development - Posts narrowed comprehensive loss of USD412,000 for the six months ended September 30 compared to a USD505,000 loss the year before. Despite a considerable drop in revenue to only USD769,000 from USD2.6 million on Covid-19 impacts, loss narrows as the company shrinks net operating expense from continuing operations to USD1.6 million from USD3.1 million.
Chair Tone Kay Kim Goh says: "Despite the effects of the Covid-19 pandemic, we are confident that the business is well placed for the future."
Adds that: "The company intends to focus strategically on disruptive technologies applicable to the data centre sector with high scalability and significant profit margin prospects, including the application of blockchain technologies where appropriate. We look forward to reporting on our progress during 2021."
Current stock price: 0.75 pence; down 20% on Thursday
Year-to-date change: up sharply from 0.14p on December 31
By Anna Farley; annafarley@alliancenews.com
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Gstechnologies (GST)