On Thursday, on the back of the global downturn and high currency bang, New Zealand -based technology giant Rakon reported a loss for the first half of the 2010 financial year.

In contrast to the profit of NZ$2 million last year, the company reported revenue of NZ$6.2 million.

As the intense competition drove down prices and the high New Zealand currency reduced returns from overseas sales, the company revenue knocks down by 9%.

Censuring the weak US dollar and pound against the New Zealand dollar for the loss, the company accounted its deprived sales demands during the quarter and aggressive price reductions within the GPS market, which has dogged down the scope, and furthermore, company calculated operating earnings of between $4 million and $8 million for the full year.

Nevertheless with restrained growth, the managing director Brent Robinson silently raises superior demands from the depths of the recession at the beginning of the year.

Looking to construct its fresh competence early next year, the company raised NZ$45 million through a share issue to fund expansion of its Chinese operations in September.