SINGAPORE (May 10): Challenger Technologies announced that its 1Q18 earnings have increased by 69% to $5.22 million compared to $3.09 million in 1Q17.

Revenue for the quarter came in 2% higher at $77.6 million from $76.3 million a year ago.

This increase was primarily driven by improved performance from IT products and services business segment, which strengthened by 2.0% y-o-y to $76.1 million, mainly attributed to revenue contribution from retail operations, partially offset by lower revenue contribution from online marketplace.

Revenue from the electronic signage services business segment decreased to $0.1 million from $0.6 million last year, mainly due to partial completion of a major project in 1Q17.

Revenue from the telephonic call centre and data management services marketing call centre improved by 27.3% to $1.4 million, as more projects were secured compared to the corresponding period last year.

Other gains were 38% higher at $0.30 million compared to $0.21 million last year.

During the quarter, the group’s changes in inventories of finished group reported a profit of $0.64 million, compared to a loss of $4.06 million in the previous year.

As at March 31, the group’s cash and cash equivalents stood at $65.7 million.

Loo Leong Thye, CEO of Challenger says, “We will amplify on the positive results by rolling out new concepts from the second half of the year, both at new locations as well as within our existing stores.”

Shares in Challenger closed 1.5 cents higher at 48 cents on Thursday.