Revenue from the Security Solutions Business increased by nearly eight times to $922,000 from $122,000 mainly led by the increase in demand for integrated security solutions in Singapore and sale of Acoustic Hailing Systems to customers in Singapore and rest of Southeast Asia.
Revenue from the Maintenance and Leasing Business increased by 16.1% $1.4 million mainly from the increase in fees earned from the provision of maintenance support services to customers in Singapore, Indochina and the rest of Southeast Asia.
However, cost of sales increased 59.8% to $1.2 million while administrative expenses remained relatively stable at $1.3 million and finance costs surged 22 times to $140,320.
Looking ahead, IPS Securex believes that the requirement for heightened security in the region will be beneficial to business as there will be long term demand for security products and integrated security solutions.
Shares of IPS Securex closed at 12 cents.
