Coda Octopus: Surges on posting Q2 profit vs year-ago loss

Coda Octopus

13/06/2019 16:47

** Subsea sonar technology provider's shares  CODA.O  surge
as much as 53% to $14.85 
    ** CODA top percentage gainer on Nasdaq Composite Index
 .IXIC 
    ** Co posts Q2 profit of $0.21/shr vs loss of $0.01/shr in
the same quarter last year
    ** Says Q2 sales rose 92% year-over-year to $6.78 mln
    ** In the comparable Q2, CODA's Services segment was
adversely affected by delays in concluding defense contracts,
due to delays in approving the U.S. defense budget. "This
segment is now executing backlog orders and is back on plan", co
says
    ** CODA reports a 149% surge in services segment rev. and a
57% rise in products segment rev. vs comparable Q2
    ** Up to Wednesday's close, CODA had surged ~67% YTD

 (Reporting by Manojna Maddipatla in Bengaluru)
 ((Reuters Messaging:
manojna.kalyani.thomsonreuters.com@reuters.net))