NWT 0.00% 11.5¢ newsat limited

News: Newsat slumps 30% on results & allegations

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    Shares in Newsat Limited (ASX:NWT) slumped 30 per cent yesterday as investors responded to interim results and media coverage detailing allegations of poor governance practices. 
     
    The satellite communications company widened its first half net loss to $39.7 million over a period in which revenue slid 17 per cent to $13.7 million. 
     
    Newsat attributed the result to challenging market conditions and weakness in economic activity in the military, mining and gas industries which has led to lower levels of revenue from key customers. 
     
    The company has responded to damning reports published over the weekend about the company’s internal operations which raised questions about spending, salaries and benefits. 
     
    NewSat says it regards the Fairfax Media reporting as irresponsible and is considering its legal options. 
     
    The company has also advised it is focused on reaching agreement on the terms of a conditional waiver with its lenders which it expects to do by mid to late this month.   
 
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Currently unlisted public company.

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