Addvalue Technologies Ltd. announced unaudited group earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported revenue of USD 3,605,000 against USD 2,456,000 a year ago. Profit from operations was USD 417,000 against USD 103,000 a year ago. Profit before tax was USD 129,000 against USD 39,000 a year ago. Net profit attributable equity holders of the company were USD 263,000 against USD 220,000 a year ago. Net cash generated from operating activities was USD 76,000 against USD 200,000 a year ago. Purchase of plant and equipment was USD 34,000 against USD 45,000 a year ago. Purchase of computer software was USD 20,000 against USD 93,000 a year ago. Revenue increased primarily due to increased sales of maritime products, particularly in respect of Fleetbroadband products following intense promotions by Inmarsat.

For the year, the company reported revenue of USD 9,956,000 against USD 10,591,000 a year ago. Profit from operations was USD 290,000 against USD 1,066,000 a year ago. Loss before tax was USD 224,000 against profit before tax of USD 737,000 a year ago. Net loss attributable to equity holders of the company was USD 90,000 or 0.01 cents per diluted share against net profit attributable to equity holders of the company of USD 811,000 or 0.07 cents per diluted share a year ago. Net cash generated from operating activities was USD 1,221,000 against USD 1,301,000 a year ago. Purchase of plant and equipment was USD 167,000 against USD 208,000 a year ago. Purchase of computer software was USD 72,000 against USD 93,000 a year ago. Net asset value per ordinary share as at the end of year was 1.59 cents against 1.55 cents a year ago.

The Group expected to turn in a better performance for second half of 2013, particularly towards fourth quarter of 2013, compared to first half of 2013.