SINGAPORE, March 28, 2024 /PRNewswire/ -- Primech Holdings
Limited (Nasdaq: PMEC) ("Primech" or the "Company"), an established
technology-driven facilities services provider in the public and
private sectors operating mainly in Singapore, provides a financial and corporate
update coincident with the filing of the Company's financial
results for the six months ended September
30, 2023. These financial results are for periods prior to
the Company's initial public offering ("IPO") in October of
2023.
Financial Highlights:
- Revenue was approximately $35.2 million for the six months ended
September 30, 2023, representing a
7.5% increase from the same period in 2022;
- Gross Profit Margin increased from 11.6% for the six
months ended September 30, 2022, to
16.4% for the six months ended September 30,
2023;
- Profit from operations was approximately
$0.3 million for the six months ended
September 30, 2023, while loss from
operations was approximately $1.6
million for the six months ended September 30, 2022.
- Net income was approximately $0.2 million for the six months ended
September 30, 2023, while net loss
was approximately $1.9 million for
the six months ended September 30,
2022.
Corporate Highlights:
- Successful IPO in October 2023: The Company
completed its IPO on Nasdaq Capital Market in October 2023 and received aggregate gross
proceeds of US$12.2 million, before
deducting underwriting discounts and other related expenses.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements, including, for example, statements about completing the
acquisition, anticipated revenues, growth and expansion. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on the Company's current expectations
and projections about future events that the Company believes may
affect its financial condition, results of operations, business
strategy and financial needs. These forward-looking statements are
also based on assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. Investors can find many (but not all)
of these statements by the use of words such as "may," "will,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "likely to" or other similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
For investor and media inquiries, please contact:
PRIMECH HOLDINGS LTD.
Investor Relations
Email: ir@primech.com.sg
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SOURCE Primech Holdings Limited