Cemtrex Inc: Rises on upbeat full-year revenue
14/01/2020 23:46
** Shares of SmartDesk workstation maker Cemtrex Inc
CETX.O up 33.1% at $1.57 in extended trading, set for their
best day in more than six months
** Stock up after co posts full-year revenue of $39.3 mln,
up 73% year-over-year, lifted by solid sales from Vicon
Industries Inc urn:newsml:reuters.com:*:nGNX6PsjYF
** Revenue from its advanced technologies segment for the
year ended Sept. 30, 2019 increased more than 10-fold, mainly
due to the consolidation of Vicon - Cemtrex
** Cemtrex had acquired a 46% stake https://in.reuters.com/article/brief-cemtrex-inc-acquires-stake-in-vico/brief-cemtrex-inc-acquires-stake-in-vicon-industries-idINASC09TM8
in Vicon Industries in 2018
** However, Cemtrex's net loss widened vs. last year due to
the discontinued operations in segments of environmental
products and electronics manufacturing
** Will always remain on the lookout for opportunistic and
synergistic acquisitions, which will have substantial long-term
value to Cemtrex - CEO Saagar Govil urn:newsml:reuters.com:*:nASA009BF
** Stock dropped ~72% in 2019
(Reporting by Ambhini Aishwarya in Bengaluru)
((Ambhini.Aishwarya@thomsonreuters.com; within U.S.+1 646 223
8780; outside U.S. +91 80 6749 0543;))