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2020-08-03 17:17:08
VIXTEL TECH (01782) sees 1H profit down 60%

(Infocast News) Vixtel Technologies Holdings Limited (01782) is expecting to record a decline of 60% in its net profit for the six months ended 30 June 2020 as compared with its net profit for the same period in 2019.

The decrease is mainly attributable to a delay in the new orders of the group and a decrease in its revenue as a result of the delay in work resumption and project acceptance plans of its major customers as affected by the COVID-19 pandemic; a decrease in government subsidies granted due to a decline in the company’s invoicing amount as a result of a delay in contract settlement by the customers as affected by the COVID-19 pandemic; and an increase in research and development expenses as a percentage to income during the period as compared with the same period of last year, which were mainly invested in the development of relevant 5G and cloud network Application Performance Management (APM) products and the related market.

(WL)