Procurri’s H1 earnings up 1.4% with lift from government relief

PROCURRI Corp, a provider of data-centre equipment and life-cycle services for IT hardware, maintained relatively flat earnings of S$2.65 million for H1 FY2020 ended June, up 1.4 per cent from a year ago.

The company’s core operations were hit by the Covid-19 pandemic, which sent the firm’s net operating cash flows down 25.6 per cent to S$18.9 million. Customers delayed their purchasing decisions amid disruptions caused by Covid-19, the mainboard-listed company said. Its gross profit also fell 16 per cent to S$32.9 million, due to higher allowances for stock obsolescence, arising from an increase in aged inventories and steeper write-downs on the US inventories.

Nevertheless, Procurri posted a 1.6 per cent increase in H1 revenue to S$110.5 million, lifted by S$5.5 million in other income, mainly comprising government relief programmes. These include the recognition of the loans forgiven under the US government’s Paycheck Protection Program. The firm also reaped S$800,000 in foreign-exchange gains from the revaluation of US dollar-, pound sterling- and euro-denominated receivables.

Sean Murphy, Procurri’s chairman and chief executive, said that the company faces an immense cloud opportunity despite the challenging operating conditions.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

CSE Global’s H1 earnings rise 47.7% with newly-acquired US, Aussie unitsCSE Global, a tech-solutions provider to the oil and gas and mining industries, saw its earnings for H1 FY2020 ended June rise 47.7 per cent to S$15.1 million, on the back of contributions from its newly-acquired units in the US and Australia. Read more at The Business Times.
مصدر: BusinessTimes - 🏆 15. / 51 اقرأ أكثر »

Glove-maker Riverstone doubles H1 earnings to RM137.5m; raises interim dividend to 4 senMALAYSIAN glove-maker Riverstone Holdings posted a 119.3-per-cent surge in net profit to RM137.5 million (S$45.27 million) for the six months ended June, driven by the spike in global demand for its health-care examination gloves, clean-room gloves and face masks. Read more at The Business Times.
مصدر: BusinessTimes - 🏆 15. / 51 اقرأ أكثر »

Challenger’s H1 earnings rise 17%, lifted by government grantsCONSUMER electronics retailer Challenger Technologies posted a 17 per cent rise in net profit to S$9.65 million for the six months ended June, boosted by S$2.53 million in sundry income, mainly from government grants. Read more at The Business Times.
مصدر: BusinessTimes - 🏆 15. / 51 اقرأ أكثر »