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LONDON (Alliance News) - UniVision Engineering Ltd shares dropped on Thursday after it said it expects to report a "small loss" in the first half of the current financial year because of its Taiwanese subsidiary performed poorly.
UniVision shares were untraded on Thursday, having last traded at 0.561 pence.
The Hong Kong-based designer of digital surveillance and security systems said its subsidiary, T-Com Technology Co Ltd, reported one off costs and a slide in revenue in the first half of the year leading to the subsidiary booking an operating loss.
In the six months ended September 30, T-Com reported an 8% slide in revenue and HKD1.2 million of one off liquidated damages to a customer in Taiwan, leading to the subsidiary reporting an operating loss.
UniVision did not reveal the exact operating loss booked by its subsidiary, but said it is taking action to deal with the fall in revenue.
The announcement is significant as the loss reported by the subsidiary looks set to offset the group's main trading entity in Hong Kong, which UniVision said remains profitable.
The small loss that UniVision is expected is significant as it means the company would be swinging from the HKD2.4 million profit reported in the six months ended September 30, 2014.
UniVision will release its results for the first half of the financial year before the end of 2015.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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