Audio Pixels posts 1H loss as it gears for production

Audio Pixels posts 1H loss as it gears for production

Audio Pixels Holdings (ASX:AKP) has reported a $530,000 loss for 1H11 from costs incurred as it developed its digital speaker microchip business.

The company formerly known as Global Properties Limited acquired a 54.1% stake in Israeli-based Audio Pixels during the half-year, and has since increased this holding to 100%.

Audio Pixels has developed microchip speaker technology which it says can deliver higher quality sound in a small form factor than analogue speakers, giving it applications in smartphones and other small-sized consumer devices, and is now preparing for mass production.

During the half, the company concentrated on developing test and measurement systems and designing an addressing and control scheme.

The company said it had also engaged in restructuring the business to ensure compliance with Australian listing regulations.

Audio Pixels Holdings reported revenue from the half year of $143,000, presumably from the remaining operations of its property business. These include the leasing of an investment property in Crows Nest and offering commercial loan facilities.

AKP shares grew 0.64% in Monday's trading to $6.300.

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Tags technologyMergers and acquisitionsfinancial resultsASX:AKPAudio Pixels

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