Inovest has announced its financial results for the first three months of 2025, showing a consolidated net loss attributable to the parent shareholders of $1.263 million in comparison to a net profit attributable to the parent shareholders of $116,000 for the same quarter of last year.
Accordingly, the basic earnings per share for the first quarter of 2025 decreased to a loss of 0.42 cents as compared to an earning per share of 0.04 cents for the same period in 2024.
The change is primarily due to the loss from the remaining construction contracts with one of the subsidiaries.
The net operating income stood at a loss of $1.530 million in the first quarter of this year in comparison to an income of $365,000 for the first quarter of 2024.
The consolidated operating income decreased by 75pc to $652,000 in comparison to $2.637m whilst the group’s operating expenses decreased slightly, standing at $2.182m in the first quarter of 2025 in comparison to $2.272m for the same period of 2024.
In regard to the group’s key balance sheet indicators, the equity attributable to parent shareholders stood at $134.836m in comparison to $136.099m at the end of 2024. Within the same period, Inovest reported a slight decrease in consolidated total assets by 2pc, which stood at $222.768m in comparison to $227.427m at the end of 2024.
On the liquidity front, Inovest’s cash and bank balances stood at 5pc of the total consolidated assets, in comparison to 5pc last year. To that end, the cash and bank balances stood at $10.440m, in comparison to $10.658m as at the year end, representing a 2pc decline resulting from the normal working capital requirements.
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