Procurri swings back to profitability in FY18 on stronger margins

Procurri swings back to profitability in FY18 on stronger margins

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.

UnUsUaL reports 32% higher FY19 earnings of $13.2 mil on improved revenue & margins

SINGAPORE (May 27): UnUsUaL Limited has reported $13.2 million in net profit for the FY19 ended March, representing a 32% increase from FY18 net profit of $10 million due to higher revenue and improved margins. Revenue for the full year rose 22.6% to $56.9 million compared to $46.4 million a year ago. The topline growth was mainly attributed to higher revenue contributions from the company’s Promotion and Others segments. In line with the higher revenue, gross profit grew by $5.1 million to $23 million for the full year, while operating expenses increased 16.6% to $6.9 million. G....

Bukit Sembawang sinks into the red with 4Q losses of $11.6 mil on one-off impairment, allowance

SINGAPORE (May 27): Bukit Sembawang Estates sank into the red with losses of $11.6 million for the 4Q18/19 ended March, compared to earnings of $22.0 million a year ago. This represented losses per share of 4.46 cents for 4Q18/19, compared to earnings per share of 8.48 cents in 4Q17/18. This was mainly attributable to a surge in other operating expenses to $22.0 million during the current quarter, from $1.5 million a year ago. The increase was mainly due to impairment loss of $9.7 million on property, plant and equipment relating to Fraser Residence Orchard, Singapore, and allowance o....

CapitaLand Mall Trust upgraded to 'buy' by UOB on Jurong Lake District plans, Funan launch

SINGAPORE (May 27): CapitaLand Mall Trust will benefit from the development of Jurong Lake District (JLD) as it has three retail malls located within Jurong Gateway, says UOB KayHian. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income IMM Building, JCube and Westgate, which in total accounts for 20% of CMT’s portfolio valuation, are located within Jurong Gateway and adjacent to Jurong East MRT station. Meanwhile, Funan, which is about 90% pre-committed for retail space and 98% pre-committed for office space, is scheduled to open next month. See als....