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Addvalue Tech Q1 net loss narrows to US$220,000

NET loss for Addvalue Technologies narrowed to about US$220,000 in the fiscal first quarter ended June 30 from a net loss of US$862,000 a year ago, the company announced in a Singapore Exchange (SGX) filing on Saturday.

Revenue for the communications technology products developer shrank 9.5 per cent to US$1.02 million from US$1.13 million in the corresponding period of the previous year.

Loss per share was 0.01 US cent, compared with 0.05 US cent in Q1 2019.

The group remains "cautiously optimistic" about achieving profitability in the current financial year, particularly in the second half of FY2020.

Shares of Addvalue Tech closed unchanged at 2.3 Singapore cents on Thursday.

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