Earnings Analysis 2013 H1: Secure Electronics IT Can’t Sell Enough Tickets

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Secure IT Electronics released its 2013 H1 results with revenues increasing 31% to N2.7billion (2012 H1: N2billion). Gross profit also rose 76% to N189million compared to N107million a year earlier. Operating profit was N55million compared to an operational loss of N3million a year earlier. Loss before tax at the end of the period was N17million a drop from a loss of N58million a year earlier.

On a QoQ basis revenue did increase 15% to N1.46billion compared to N1.27billion a year earlier. However, cost of ticket still remain high indicating the company is still struggling with selling tickets.

Secure Electronics Technology released its 2013 H1 results in the website of the NSE