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.
Do you know more about this story? Contact us anonymously through this link.