Golden Saint Technologies pleased with performance as it pivots from mining

Golden Saint Technologies issued its reviewed results for the six months ended 30 September on Wednesday, reporting operating income of $2.33m, rising from $2.1m year-on-year.

The firm said that it saw positive net cash from operating activities for the period of $0.22m, swinging from negative net cash of $0.18m a year earlier.

At 30 September, the company had $0.82m in cash and cash equivalents to hand, up from $0.79m.

It did swing to a loss of $0.21m from a profit of $0.17m, however, which it put down to once-off additional RTO and IPO costs.

During the period, Golden Saint divested all its mining interests by way of a share purchase agreement with GSResources - a company incorporated in Australia.

At the same time, it completed an in-specie distribution of its interests in GSResources to the existing shareholders of the company.

It also performed a consolidation of its share capital on a 50:1 basis, and acquired EMS Wiring Systems for 605,280,863 consideration shares in Golden Saint Technologies by way of a reverse takeover.

Since period-end, Golden Saint said its EMS acquisition had entered into an agreement for the installation of a data centre in Singapore, valued at around $1m.

It said it was equivalent to three times the average monthly turnover of the company during the same period for the 2018 financial year.

Golden Saint was also appointed as a distribution, marketing, sales and services partner to P2 Mobile Technologies.

“As we look into the future, we are enthusiastic about the potential we have to generate value, both for our customers and our shareholders,” said executive chairman Tone Goh.

“As we look forward over the next year, GST will start to look at deploying our skills and engineering and installation experience in new data centres in South East Asia, and elsewhere where there are promising opportunities, in which GST also invests for an equity stake.”

Goh said Golden Saint Technologies was also building its India business, explaining that it was supplying a new television-linked “combo-box” with streaming data and media functionality to customers in India.

“Looking ahead, we see a series of deals for this technology that better meets the needs of Indian middle-class urban consumers.”