Losses grow for Global Tech in FY15

SINGAPORE - Global Tech (Holdings) sinked deeper into the red in its 2015 financial year, as a result of higher expenses.

In a stock exchange filing, the company said the net loss grew from HK$16 million (S$2.9 million) in 2014 to HK$ 23.3 million in the 2015 financial year.

This was largely due to "a significant increase in administrative expenses and other operating expenses".

Global Tech, through its subsidiaries, sells and distributes cellular handsets and related accessories in Hong Kong and China. It also provides repair services of telecommunication products.

Turnover for the 2015 financial year came in at HK$86.7 million, down from about HK$89.8 million in 2014.

The bulk of the revenue for 2015 came from its repair services business, contributing HK$80.9 million to the group's turnover.

Loss per share was HK$0.005 in 2015, compared with loss per share of HK$0.003 a year ago.

The board of the company does not recommend the payment of any dividend for the year ended Sept 30.