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Addvalue Tech narrows Q2 loss to US$639,000 on higher turnover

NET loss for mainboard-listed Addvalue Technologies narrowed to US$639,000 for its second quarter, versus a loss of US$921,000 a year ago.

This was largely thanks to improved revenue for the three months ended Sept 30, which tripled to US$1.1 million from US$356,000 a year ago.

The higher turnover came on the back of an increase in design income from several design projects, the design-cum-supply of software defined radio communication devices, and the supply of one unit of its inter-satellite data relay system during the quarter, Addvalue said late on Thursday night.

Loss per share stood at 0.05 US cent for Q2, versus a loss per share of 0.1 US cent for the corresponding period last year.

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No dividend was declared for the quarter as the company is in a loss-making position.

For the six months to Sept 30, net loss narrowed to US$859,000, from a loss of US$1.8 million a year ago. Revenue climbed 42.7 per cent to US$2.1 million for the half year.

Shares of Addvalue closed flat at 2.4 Singapore cents on Thursday, before the results were released.