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Datapulse Technology posts 1Q FY2019 profit of S$131,000

DATAPULSE Technology pulled itself out of the red, chalking up a net profit of S$131,000 for the three months ended Oct 31 2018, compared to a net loss of S$1.33 million a year ago.

The corresponding quarter a year ago saw losses from discontinued operations mainly attributed to the media storage business and included an impairment loss on the group's property, plant and equipment.

Revenue from continuing operations came to S$338,000, which included sale of goods by the group's subsidiary, Wayco Manufacturing. The group acquired Wayco on Dec 15, 2017.

Earnings per share (for both continuing and discontinued operations) came to 0.06 Singapore cent, versus a loss per share of 0.61 cent a year ago.

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On Nov 15 this year, the company entered into a binding term sheet with Way Company to divest Wayco for about S$3.18 million. "The board is of the view that effecting a disposal of its entire interest in Wayco will be in the interest of the company and shareholders," it said.

Approval will be sought from shareholders at an extraordinary general meeting.