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PARKD (ASX:PKD) drives down losses in HY21

Industrial
ASX:PKD      MCAP $2.392M
23 February 2021 15:40 (AEST)

Construction technology company PARKD (PKD) has reduced its losses by 74 per cent to $162,790 in the second half of 2020.

Despite seeing a 42 per cent drop in revenue to $74,800, PARKD spent 86 per cent less on operating activities which totalled $103,611 for the half-year period.

In terms of allowances and rebates, PARKD received $120,000 in COVID-19-related government allowances and $235,509 for research and development activities to improve its modular car parking system.

PARKD is a construction technology company that has developed its own innovative, multi-storey, carpark structure called the “PARKD Car Park System”.

The system offers faster build times and reduced costs compared to traditional concrete car parks. Essentially, the innovative design solves the problem of unusable space found in traditional car parks and limited onsite parking capacity, an issue faced by many businesses.

In the six-month period PARKD continued delivering design and advisory works to local councils to fund commuter car parks that are part of the National Commuter Car Park Project. This is an initiative by the Federal Government to invest in commuter car park upgrades and reduce congestion.

The works PARKD delivered are considered instrumental in the extension of funding to $33.8 million, which is being used for a project in Penrith, New South Wales.

Additionally, the company has seen rising interest from private and public health sectors, including St John of God, for the development and funding of multi-level car parks.

PARKD wrapped up the half-year period with just over $1 million in reserves, which is slightly less than then $1.1 million it started with.

Looking forward, PARKD’s focus is on engaging with contractors for the construction of multi-level national car parks as well as on its projects in the transport and health sectors.

PARKD ended the day with shares in the grey at 5.9 cents.

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