Addvalue Technologies extends net loss in Q1

ADDVALUE Technologies posted a net loss of US$862,000 for its first quarter, easing from US$1.07 million a year ago.

Revenue went up 33.4 per cent to US$1.13 million, largely attributed to the maiden delivery of Software Defined Radio communication modules (SDR Modules) to a government agency.

Loss per share stood at 0.05 US cents, compared to 0.06 US cents previously.

No dividend was declared.

Barring any unforeseen circumstance, the group expects to register accelerated revenue growth for both its Inter-satellite Data Relay System (IDRS) and Non-IDRS businesses from FY2019.

This comes on the back of new proprietary Software Defined Radio modules, which have generated global interests with repeat orders from a Singapore government agency, newly US  approved proprietary iFleetONE VMS, which is the most advanced fisheries management technology certified for use in the US today, and newly forged IDRS partnership with British start-up Open Cosmos, said the group.