Skydome: most challenging conditions since 1976

Australian provider of natural light and ventilation systems Skydome Holdings Ltd. reported a net loss of AUD 447,304 on 27 February 2009 for the half-year ended 31 December 2008 on revenue down 21.2%…

Australian provider of natural light and ventilation systems Skydome Holdings Ltd. reported a net loss of AUD 447,304 on 27 February 2009 for the half-year ended 31 December 2008 on revenue down 21.2% to AUD 3.8 million. As a result of the continuing downturn in the domestic building industry, with both its key markets of New South Wales and Queensland in a downturn, and export orders down 60% because of the global financial crisis, the company said it has experienced the most challenging trading conditions since its establishment in 1976. Following the sale of the company“s plant premises in Queensland in the previous financial year, directors have decided to exit the majority of manufacturing activity and outsource it to specialist companies, retaining the final stage of assembling the components, ensuring quality control is maintained within the company. While the company will take one-off restructuring costs related to the withdrawal from manufacturing, going forward the company will operate with a much lower fixed cost structure which will benefit it when the upturn in building activity occurs. With regard to the DayRay product, activity has been restricted purely to R&D, incurring a pre-tax loss of AUD 205,936 compared to a pre-tax loss of AUD 459,397. The company now expects a loss for the full year.