Starburst crashes into the red with $0.5m loss in Q1

Due to a steep decline in recognized revenue.

Mainboard-listed engineering group Starburst Holdings reported a net loss of $0.5m in the first quarter.

This compares against an attributable profit of $6.1m recorded in the previous corresponding period.

Starburst attributed the decline to lower revenue recognition, as a larger proportion of revenue is recognised in the fabrication work phase as opposed to the installation work phase.

There was a larger proportion of revenue recognised in the fabrication work phase in 1Q2014, as compared to the installation work phase in 1Q2015, which contributed to the decrease in revenue this quarter.

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