Procurri swings back to profitability in FY18 on stronger margins

Procurri swings back to profitability in FY18 on stronger margins

By: 
PC Lee
26/02/19, 07:49 am

SINGAPORE (Feb 26): Procurri Corporation, the global data centre services company, reported earnings of $5.3 million in FY18, reversing from a loss of $2.7 million in FY17.

See also: Procurri falls 9.7% to 28 cents as New State also withdraws acquisition offer

Earnings for 4Q18 came in at $1.7 million compared to a loss of $1.3 million a year ago. Revenue recorded was 7% higher at $52.1 million.

In 4Q18, revenue from the IT Distribution business segment recorded a slight decrease of $0.1 million to $35.0 million. Revenue from the Lifecycle Services business segment increased 26.2% to $17.1 million, mainly attributable to the better performance from the Americas and the Europe (including the UK), Middle East and Africa (EMEA).

The group’s overall gross profit increased 22.4% to $20.2 million in 4Q18, in line with higher revenue and higher margin. The group's overall gross profit margin increased by 4.9 percentage points to 38.9% in 4Q18.

In its outlook, Procurri says the group’s financial turnaround in FY18 reaffirms its value proposition as a global aggregator of IT lifecycle services and data centre equipment.

“Notwithstanding the current uncertainties in the global economy, such services and hardware business remains healthy, especially as companies worldwide increasingly turn to cloud-based infrastructure to better meet fast-changing business needs,” says the group.

Shares in Procurri closed 1 cent higher at 30 cents on Monday.

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