Ace Achieve Infocom's full year profit falls 75%

Singapore

ACE Achieve Infocom's full year net profit shrank about 75 per cent year-on-year to 4.47 million yuan (S$0.89 million) in line with lower revenue.

Revenue was about 33 per cent lower at 184.81 million yuan in FY18 as the Beijing-headquartered telecommunications company faced a "slow-down and intense market competition in the 4G business investment environment", which resulted in weaker revenue and slimmer margins. In particular, revenue from the ICT system integration division slumped by over 31 per cent year-on-year to 114.93 million yuan. Earnings per share for the financial year ended Apr 3, 2018 worked out to 0.59 yuan, down from 2.38 yuan a year ago.