Coda Octopus: Falls on disappointing Q3 results as pandemic hits operations

Coda Octopus

14/09/2020 20:19

** Shares of subsea sonar technology provider  CODA.O  down
4% at $5.97
    ** Co posts 38.5% fall in Q3 profit to $1.3 mln  urn:newsml:reuters.com:*:nASA015XI
    ** Q3 revenue slips 19% to $5.4 mln 
    ** Co says advancement of projects in its Services Business
engineering unit slowed due to travel restrictions, which led to
lower segment revenue 
    ** Adds its products business saw increase in demand,
although rentals were substantially down compared with year
earlier
    ** Stock down 30% YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))