Story-i Limited (ASX:SRY) Releases Half-Year Financial Report
Financial Performance
Story-i Limited reported a net loss of $24.06 million for the half-year ended 31 December 2023, compared to a $1.08 million loss in the previous year. The significant increase is primarily due to discontinued operations in Indonesia.
Operational Update
The company has placed its Indonesian Apple reseller business, PT Inetindo Infocom, into receivership following unsuccessful sale attempts. Liquidation of the business is expected to take up to two years.
Future Outlook
Story-i is actively pursuing recapitalisation and fundraising efforts, successfully raising $300,000 in convertible notes after the balance date. The company aims to remain listed on the Australian Securities Exchange while seeking new investment opportunities.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.