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STRATECH INTERIM TURNOVER JUMPS 51%, ON TRACK TO ACHIEVE $23M FULL YEAR TURNOVER
SINGAPORE, September 30, 2002 – Mainboard-listed, advanced IT systems and technology developer Stratech Systems Limited (the “Group”) today reported a turnover growth of 51% to $6.2 million for the interim period ended June 30, 2002.
The higher turnover led to a 21% growth in gross profit to $1.8 million from $1.5 million. The Group is on track to achieve a full year turnover of $23 million.
The Group order book, amounting to $62 million at the beginning of the year, totaled $59 million as at 30 June 2002. New business secured in the first 6 months amounted to $3.9 million.
However, in view of prevailing economic conditions, the Group decided to take a prudent and conservative approach and wrote off development costs totaling $15.6 million, notwithstanding their future potential for revenue and the Group’s continuing efforts to market them. It also provided for a remaining book value of $322,000 for its investment in Mobiwave Pte Ltd, an associate company.
As a result of these steps, the Group loss for the interim period ended June 30, 2002 totaled $25.9 million.
About Stratech Systems Limited
Stratech Systems Limited (“Stratech”) is a fast growing advanced technology and e-Business developer. We deliver mega real-time mission critical systems in the areas of Computer Vision, intelligent Transport Systems and e-Government. Stratech brings together world-class expertise, software and resources to help its clients meet operational challenges and New Economy opportunities.
Formed in 1989, we have since established an impressive track record serving industries such as Transportation, Healthcare, Government, Defence, and Financial Services. Over the years, we are recognised as a technology expert and innovator, as we continuously develop and implement solutions that achieve significant business transformation and competitive advantage for its clients.
Listed on the Mainboard of the Singapore Stock Exchange, Stratech is headquartered in Singapore and also operates in Greater China (Hong Kong and China) and Australasia.
For more information, please contact:
Corporate Communications Division
Tel: +65 6799 6650
Fax: +65 6323 2177