Global Invacom warns of net loss for first half-year

(From left) Global Invacom's executive director Malcolm Burrell, executive chairman Anthony Taylor and chief financial officer Matthew Garner.
(From left) Global Invacom's executive director Malcolm Burrell, executive chairman Anthony Taylor and chief financial officer Matthew Garner. PHOTO: GLOBAL INVACOM GROUP

SINGAPORE - Satellite and television equipment manufacturer Global Invacom has warned that it expects to post a loss of US$2.5 million to US$3 million (S$3.4 million to S$4.1 million) for the first half of this year.

Changes in procurement procedures have delayed sales to major customers in the United States, the UK and Asia, while the group's Malaysian operations took a hit from the weakening ringgit and stronger US dollar, the mainboard-listed company said in a filing with the Singapore Exchange on Wednesday.

A legal tussle with a supplier to its British subsidiary is also racking up costs for the group, it said.

Global Invacom's financial results for the six months to June 30, 2015, will be announced on August 14.

For the first half-year of 2014, Global Invacom posted a net profit of US$3.7 million (S$5 million) and a revenue of US$69.8 million (S$95.2 million).

leowhma@sph.com.sg