According to the company, the reasons for seeking the waiver include its improved financial performance for the FY2023 ended March 31 as well as its efforts to expand its existing business streams outside of its current businesses among other factors.
“The board expects the company’s prospects to continue improving for the current financial year ending March 31, 2024 (FY2024),” says SMI Vantage in its Dec 26 statement.
For the FY2023, SMI Vantage reported a loss of US$2.5 million ($3.3 million), which is an improvement from the US$4.1 million loss reported in the year before. During that year, the company’s revenue surged to US$1.8 million from a negative US$50,000 in the FY2022.
As at 9.08am, shares in SMI Vantage are trading 0.1 cent higher or 2.63% up at 3.9 cents.
