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- Apple reseller and retailer Story-I (SRY) has ended the week in a trading halt as it plans to raise capital
- So far, it is unknown how much the company is aiming to raise or where the funds will be spent
- SRY shares will be paused until Tuesday, March 16, or when more information about the raise is released to the market
- SRY is a reseller and retailer of Apple and information technology (IT) lifestyle products across Indonesia and Vietnam
- Story-I recently delivered its half-year report, tabling a drop in revenue brought on by difficult trading conditions in FY21’s first quarter
- Recently, however, the company experienced a financial turnaround during its second quarter as revenues reached $12.1 million — a 98 per cent improvement over the first quarter
- The improvement came in the wake of easing COVID-19 restrictions and the launch of the new Apple iPhone 12
- On the market, SRY last traded for 2.6 cents per share on March 11
Story-I (SRY) has ended the week in a trading halt as it plans to raise capital.
Currently, it is unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, SRY shares will be paused until Tuesday, March 16, or when more information about the raise is released to the market, whichever comes first.
SRY is a reseller and retailer of Apple and information technology (IT) lifestyle products across Indonesia and Vietnam.
Earlier this month, the company released its interim financial report. For the half-year ending December 31, the group brought in $18.2 million in revenue, which was a decrease of 26.3 per cent over the prior corresponding period.
It delivered a loss after tax of $1.2 million, which is a decrease over the prior corresponding period.
SRY says the first quarter of the 2021 financial year was impacted by government restrictions surrounding the COVID-19 pandemic. As a result, sales declined to $6.1 million for the quarter.
“The sales decline was also exacerbated by Apple’s policy of not allowing the iPhone and other devices to be sold directly online but only available in-store and this contributed to the sales decline due to the COVID-19 restrictions,” the company told the market.
However, the second quarter saw a sharp turnaround as COVID-19 restrictions eased. The increase in sales was also due to the launch of the new Apple iPhone 12, as a result, revenues reached $12.1 million, 98 per cent improvement over the first quarter.
On the market, SRY last traded for 2.6 cents per share on March 11.
