Enlarge / ––A sign posted on traffic signals at the corner of Aero Drive and Murphy Canyon Road near the I–-15 in San Diego.
Redflex Holdings Limited, the Australian corporate parent of the embattled red-light camera company, announced in official financial filings on Tuesday that it had lost over A$26.2 million ($19.8 million) during the first half of its 2017 fiscal year, which concluded at the end of 2016.
A notable factor that explains the company’s massive drop in profits—compared to a loss of A$2.7 million (~$2 million) during the same period a year earlier—is the recent $20 million settlement that the company reached with the City of Chicago as part of a corruption investigation.
Redflex also noted decreased revenue in the United States and largely flat revenue everywhere else.
In a statement written by Adam Gray, the company’s chairman, Redflex would now seek increased opportunities in Latin America to try to make up for it.
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