Silverlake Axis profit fell 84% to $21.59m in 1H2018

A 3% decline in revenue dragged its growth.

Silverlake Axis Ltd (SAL) reported that its profit for the period attributable to owners of the company decreased by 84% YoY, from $139.05m in 1H2017 to $21.59m in 1H2018.

Its revenue also declined by 3% YoY to $82.66m in 1H2018, from $85.31m in the same period of the previous year.

This was caused by lower contributions from project related revenue segments like software licensing (-39% YoY to $3.97m), software and hardware products sales (-31% YoY to $0.43m), software project services (-8% YoY to $5.3m), and credits and cards processing (-3% YoY to $3.07m).

Declines in said revenue segments were offset by gains in maintenance and enhancement services (+1% YoY to $64.87m), and insurance processing (+5% YoY to $5.03m).

Further, administrative expenses fell down by 23% YoY to $16.79m in 1H2018, which was due to lower unrealised and realised foreign currency exchange loss from traslation of bank balances, loans and receivables denominated in foreign currencies, SAL said.