IPS Securex to report net loss for its 1HFY2025
Former CEO Lim has been steadily cutting his stake by selling shares in the open market
IPS Securex Holdings warns that it will report a net loss for its 1HFY2025 ended Dec, versus earnings of $0.18 million for the half year ended Dec 2023.
The security company blames lower revenue in 1HFY2025 as a maintenance contract with a customer had expired. It experienced slower project delivery as well which affected revenue booking as well.
"Notwithstanding the decline in revenue in 1HFY2025, costs in general for the period had stayed high," adds IPS Securex, which expects to report by Feb 14.
Separately, since last October, the company's former CEO Kelvin Lim Ching Song has been steadily cutting his stake in the company by selling his shares in the open market.
Lim, who tendered his resignation last May, last sold on Jan 23, leaving him with around 42.87 million shares, equivalent to 8.84%.
Last October, before he started selling, he held more than 58 million shares, or 11.97%.
IPS Securex shares last traded at 1.3 cents, down 35% in the past 12 months.
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