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Global Invacom Group Ltd on Wednesday said it expects to swing to a full-year loss and to report a 12% drop in revenue. Global Invacom is a Singapore-based satellite communications equipment and electronics provider. Global Invacom said it expects to swing to a net loss after tax of around $13.2 million in 2022, from a profit of $558,000 a year earlier. The company attributed this downturn to an expected loss after tax from trading activity of around $6.6 million, a goodwill impairment of assets of about $5.2 million, and a tax write off of approximately $1.3 million. ‘Both the goodwill impairment and tax write off, which are non-cash in nature, solely relate to the performance of the group’s US subsidiary and impact the assessment of the group’s goodwill investment in that business and the value of a deferred tax asset within that subsidiary’, it explained. Global Invacom said revenue is expected to drop 12% to around $72.8 million from $82.5 million. The full-year results are expected be announced by March 1. Shares in Global Invacom were flat at 4.98 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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