SINGAPORE (Feb 26): IT and telecommunication solutions provider Ntegrator International sank to a net loss of $1.6 million for the FY17 ended December, compared to earnings of $2.5 million a year ago.
Full-year revenue fell 50.5% to $33.1 million, from $66.9 million a year ago.
This was led by a 77.9% in Project Sales revenue to $10.5 million in FY17, from $47.6 million a year ago.
The decline was due to a number of technical issues in Vietnam. The technical issues took nearly six months to resolve, during which the group’s customers in Vietnam had declined to sign any new contracts.
This was partially mitigated by higher revenue from Ntegrator’s Project Management and Maintenance Services segment, which rose 16.9% to $22.6 million in FY17.
As at end December, cash and cash equivalents stood at $5.7 million.
The group’s outstanding order book stood at $75.5 million as at Dec 31, 2017.
Ntegrator has not proposed any dividend for FY17. It had declared a final dividend of 0.1 cent per share a year ago.
Looking ahead, the group says it plans to maintain its strategy of focusing on its core business in Project Sales and recurring revenue streams generated from Project Management and Maintenance Service segment, in the targeted countries of Singapore, Vietnam and Myanmar.
Shares of Ntegrator closed 0.1 cent lower at 1.1 cent on Monday.
