closed airport gate border sign
Source: Canva
  • Profits dropped more than 500% to just under $700,000
  • Revenue also down by 61%, only $3.6M
  • Government grants received totaled $754,000

Property development and hotel management company International Equities Corporation L (ASX: IEQ) released its half-yearly results to the ASX today.

The company suffered big losses across the board, with revenues from ordinary activities down 61.1% to $3.606M, from $9.27M in the previous corresponding period.

Profits also collapsed, IEQ net profits for the half-yearly down 508.7% to $658,000.

In its ASX release, IEQ reported interim dividend as not applicable, with net tangible asset backing also down, now $0.0612 from last periods $0.0792.

The company reported revenue through to 31 December 2020 included $754,000 in government grants, with tourism bringing in the most revenue at $2.522M.

Leasing and rentals drew $302,000, with property development revenue down a massive $346,000 to $28,000 for this reporting period.

IEQ reported the tough situation in Victoria was a major factor in the losses, with closed domestic and international borders also playing a role.

The company is currently trading at $0.035 on the ASX.

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