SINGAPORE (Aug 20): Thanks to higher margins and contributions from a joint venture, IT equipment trader Procurri Corp reported a second consecutive quarter of earnings growth, a reversal of the full-year loss it reported for its previous financial year, following its July 2016 IPO.

On Aug 6, Procurri reported earnings of $1.2 million for 2QFY2018 ended June 30, rever­sing a loss of $1.7 million in the year-earlier quarter. Revenue was up 45.2% over the same period last year to hit $63.3 million. For the full year ended Dec 31, 2017, Procurri grew its revenue by 33.9% y-o-y to $181.8 million. However, higher administrative and staff costs, coupled with impairment charges of obsolete equipment, caused a net loss of $2.7 million.

From its IPO price of 56 cents, Procurri stock dropped to as low as 18 cents on April 4 this year. In line with the earnings recovery, it has since gained 44.4% to close at 26 cents on Aug 16.

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