The board of TeleChoice International Limited has announced that it expects to report a net loss for the FY2023 ended Dec 31, 2023.
The company reported a net loss after tax of $4.3 million for the 1HFY2023 ended June 30, 2023, and is expected to report a further net loss for the 2HFY2023 and FY2023.
This is due primarily to the provision of several onerous contracts under its info-communications technology services division and the write-off of non-billable revenue for certain projects in the Philippines under its network engineering services division.
TeleChoice is still in the process of finalising its financial results for 2HFY2023 and FY2023, and expects to announce its unaudited consolidated financial results for the periods on Feb 23.
Separately, the company also announced that a summons has been filed against its wholly-owned subsidiary, NxGen Communications, in the Supreme Court of New South Wales by lawyers acting for an Australian vendor.
The claim is for an aggregate amount of US$528,400 ($711,279) under an agreement entered into between the vendor and NxGen.
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TeleChoice says that NxGen is seeking legal advice on the claim that the company will make further announcements as and when more details are available and there are material developments in relation to the summons.
Shares in TeleChoice closed 0.1 cent higher or 1.43% up at 7.1 cents on Feb 16.
