Ambertech Reports More Losses,Borrowings Increased By $720K
0Overall Score

Struggling Sydney based consumer electronics distributor Ambertech has reported another year of losses, they have also been forced to increase their borrowings by close to three quarters of a million dollars.

The Company who distributes Onkyo sound gear, Optoma projectors, Integra and Sonance consumer electronics products in Australia has reported a loss of $419,000 for the year ending Jun 30th.

Directors have also claimed that they are unable to provide guidance on potential future results “with any certainty”.

The Company that reported losses of $1,000,000, at June 2014 said that they had borrowed $712,000 during the period. 

Working capital, being current assets less current liabilities, has decreased by $237,000 to $8,316,000 as at 30 June 2015 (2014: $8,553,000).

The net assets of the economic entity have also decreased by $1,700,000 to $10,539,000 as at 30 June 2015 (2014: $12,239,000).

Chairman Peter Wallace said “Despite a disappointing operating result the directors believe the economic entity is in a reasonably strong and stable financial position with the potential to expand and grow ourcurrent operations.  The economic entity recorded positive operating cash flows of $367,000(2014: Negative $2,360,000) for the year ended 30 June 2015 in difficult trading conditions. 

The directors claim that they will update investors on the future of the Company at the company’s AGM. 

Total revenues for the financial year increased by 3.9% to $50,157,000 (2014: $48,281,000), the last dividend paid by the Company was back in 2011.

The Company has a history of reporting increased sales and declining profits.

Back in 2013 slumped 53% to $2.16M in 2013 from $4.9M for the same period in 2012. Revenues climbed 9.9% to $54.45M.

The Company who for the past four years has claimed that their lifestyle division is undergoing “structural change”.

Revenue for their consumer electronics division was $26.3 Million.

The Company has a history of reporting increased sales and

declining profits.

Back in 2013 slumped 53% to $2.16M in 2013 from $4.9M for

the same period in 2012. Revenues climbed 9.9% to $54.45M.

The Company who for the past four years has claimed that

their lifestyle division is undergoing “structural change”.

Revenue for their consumer electronics division was $26.3

Million.