Coda Octopus slips after Q2 sales, profit fall

Coda Octopus

14/06/2022 13:56

** Shares of subsea sonar technology provider Coda Octopus
Group  CODA.O  down ~2% at $5.20 before the bell 
    ** CODA's Q2 revenue falls 7.3% to $4.98 mln due to delayed
orders
    ** Says supply chain issues, raw material shortages and
sharp price increases are slowing down the placement of orders
by customers
    ** CEO Annmarie Gayle says the pandemic has also caused
delays in receiving orders from Europe, resulting in a sharp
fall in revenues generated from the region in Q2 
    ** CODA's net profit after taxes  declines to $611,000, or 6
cents per share, from $2.2 mln, or 20 cents/shr, a year earlier 
    ** As of last close, CODA shares have fallen ~34% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))