Adacel swings to red on forex losses

Adacel swings to red on forex losses

Aviation control system developer Adacel Technologies (ASX:ADA) has warned that forex losses have likely forced the company to swing into the red for 1H10.

The company now expects to report a net loss of $1.5 million, compared to a $3.6 million profit for 1H09.

The net effect of foreign currency conversions for the half-year was a $1 million loss. This compare to 1H09 forex gains of $2.4 million.

A delay in receiving a number of orders and one-off costs accrued while establishing new markets in Europe also contributed.

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Tags financial resultsAdacelforeign exchange

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