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Silverlake Axis posts 5% drop in Q4 profit

SOFTWARE solutions and services provider Silverlake Axis’ fourth quarter net profit for the three months ended  June 30 declined five per cent year on year to RM36.25 million.

However, excluding the loss on disposal from the sale of shares in Shenzhen-listed Global InfoTech Co (GIT) in Q4FY18, the adjusted net profit of RM39.5 million for the quarter would have been three per cent higher than the corresponding quarter a year ago, the company said.

Revenue rose six per cent to RM145.48 million due to higher contributions from maintenance and enhancement services and most project-related revenue segments. Meanwhile, earnings per share for the quarter fell to 1.38 Malaysian cents from 1.45 cents previously.

Other income clocked RM332,684 down from RM17.48 million in Q4FY17 where there were RM15.7 million in net foreign currency exchange gains recognised. The group also incurred a loss of RM3.6 million in Q4FY18 booked under administrative expenses from the sale of 2.5 million shares in GIT .For the full financial year, net profit slumped 84 per cent year-on-year to RM134.09 million from a restated RM863.73 million, while revenue dipped one per cent to RM 541.77 million.

The directors have proposed a final dividend of 0.3 Singapore cent per share and a special dividend of 0.5 cent per share, payable - if approved - on  Nov 16. Shares in Silverlake closed at 45.5 Singapore cents on Friday, down one cent.