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IMTE's 2024 Interim Report: Revenue Plummets 86% Amidst Major Losses

$IMTE
Form 6-K
Filed on: 2024-12-30
Source
IMTE's 2024 Interim Report: Revenue Plummets 86% Amidst Major Losses

Key Information from Integrated Media Technology Limited's Interim Report (Form 6-K) for the Six Months Ended June 30, 2024

Company Overview:

  • Name: Integrated Media Technology Limited (IMTE)
  • Trading Symbol: NASDAQ: IMTE
  • Location: Suite 3 Level 3, 89 Pirie Street, Adelaide SA 5000, Australia

Financial Highlights:

  • Revenue from Operating Activities:
  • June 30, 2024: US$43,732
  • June 30, 2023: US$304,208
  • Percentage Change: Decreased by 86%
  • Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA):
  • June 30, 2024: (US$396,112)
  • June 30, 2023: US$961,706
  • Percentage Change: Decreased by 141%
  • Income/(Loss) from Ordinary Activities After Tax:
  • June 30, 2024: (US$1,273,242)
  • June 30, 2023: US$567,743
  • Percentage Change: Decreased by 324%
  • Total Comprehensive Income/(Loss):
  • June 30, 2024: (US$1,273,242)
  • June 30, 2023: US$567,743
  • Percentage Change: Decreased by 324%
  • Basic and Diluted Earnings / (Loss) Per Share:
  • June 30, 2024: (US$0.371)
  • June 30, 2023: US$0.273
  • Percentage Change: Decreased by 236%
  • Interim Dividend: Not Applicable (N/A)

Operational Insights:

  • For the six months ended June 30, 2024, IMTE reported a significant decline in revenue and a substantial loss, contrasting with a profit in the same period of the previous year.
  • The loss of US$1,573,921 in 2024 reflects a decline attributed mainly to the absence of the previous year's net gain from warrants and derivative financial instruments.

Forward-Looking Statements:

  • The report contains forward-looking statements regarding IMTE's expectations and strategies. Actual results may differ due to various factors, and IMTE does not assume any obligation to update these statements.

Contact Information:

  • Investor Relations Contact Email: corporate@imtechltd.com

Conclusion:

The financial performance of Integrated Media Technology Limited for the first half of 2024 shows significant challenges, with major declines in revenue and increased losses compared to the prior year. The company will need to address these issues moving forward to regain financial stability.