NEW YORK – Cemtrex posted fiscal third quarter revenue of $22.5 million, up 17% year-over-year, primarily as a result of new revenues in the Advanced Technologies segment.
For the quarter ended June 30, net loss was $2.9 million, compared to a net loss of $3.5 million in the fiscal third quarter of 2018.
“We have implemented a number of changes in our organization to focus on increasing cash flow from operations, which have already started to materialize,” said Cemtrex’s chairman and CEO Saagar Govil. “This quarter we also experienced increased expenses due to several one-time finance and legal charges, which lowered our financial performance for the quarter. We expect that as these operational improvements go into effect over the next few quarters our financial performance will improve to profitability.”
Total revenue for the nine months ended June 30 was $63.3 million, a decrease of 12% year-over-year, due to decreased revenues in the Electronics Manufacturing segment and lower sales in the Industrial Technology segment, offset by revenues in the Advanced Technologies segment.
Net loss for the nine-month period was $8.1 million, compared to net loss of $2.3 million in the same period last year.