IPS Securex expects net profit for FY20, against FY19 loss

IPS Securex Holdings said it is expected to report a net profit for the financial year ended June 30, a turnaround from an audited net loss for FY2019.

The Catalist-listed integrated security-solutions provider attributed this to an improvement in revenue due to the income recognition of more projects completed during the year, as well as continued cost control measures at the corporate level.

IPS Securex recorded a net loss of S$1.2 million for the full year ended June 30, 2019. Its revenue was down 17.4 per cent to S$9 million, and gross profit was S$4.5 million. Administrative expenses exceeded gross profit, increasing 4.2 per cent to S$5.5 million.

The group will announce its unaudited full-year results for FY2020 by Aug 29.

Shares in the company ended trading at 9.8 Singapore cents, down 0.5 cent or 4.85 per cent.