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.

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