- Construction technology company PARKD (PKD) has reduced its losses by 74 per cent to $162,790 in the second half of 2020
- While the company saw a 42 per cent drop in revenue, it recorded an 86 per cent decrease to $103,611 in operating expenditure
- Positively, PARKD received $120,000 in COVID-19 government allowances and just over $235,500 in a research and development rebate
- PARKD has developed an innovative, multi-storey car park structure, which essentially solves the problem of unusable space found in traditional car parks
- The ASX-lister ended the half-year period with just over $1 million in cash reserves, which is slightly less than then $1.1 million it started with
- PARKD is continuing to prioritise construction of multi-level car parks across the country as well as projects in the transport and health sectors
- PKD ended the day with shares in the grey at 5.9 cents per share
Construction technology company PARKD (PKD) has reduced its losses by 74 per cent to $162,790 in the second half of 2020.
Despite seeing a 42 per cent drop in revenue to $74,800, PARKD spent 86 per cent less on operating activities which totalled $103,611 for the half-year period.
In terms of allowances and rebates, PARKD received $120,000 in COVID-19-related government allowances and $235,509 for research and development activities to improve its modular car parking system.
PARKD is a construction technology company that has developed its own innovative, multi-storey, carpark structure called the "PARKD Car Park System".
The system offers faster build times and reduced costs compared to traditional concrete car parks. Essentially, the innovative design solves the problem of unusable space found in traditional car parks and limited onsite parking capacity, an issue faced by many businesses.
In the six-month period PARKD continued delivering design and advisory works to local councils to fund commuter car parks that are part of the National Commuter Car Park Project. This is an initiative by the Federal Government to invest in commuter car park upgrades and reduce congestion.
The works PARKD delivered are considered instrumental in the extension of funding to $33.8 million, which is being used for a project in Penrith, New South Wales.
Additionally, the company has seen rising interest from private and public health sectors, including St John of God, for the development and funding of multi-level car parks.
PARKD wrapped up the half-year period with just over $1 million in reserves, which is slightly less than then $1.1 million it started with.
Looking forward, PARKD's focus is on engaging with contractors for the construction of multi-level national car parks as well as on its projects in the transport and health sectors.
PARKD ended the day with shares in the grey at 5.9 cents.