The y-o-y increase in net profit was mainly attributable to net fair value gain on foreign exchange of $2.3 million, compared to the loss of $3.1 million recorded in 1QFY2023, and a write-back of provision for losses in trade receivables amounting to $1.2 million.
Aztech Global (SGX:8AZ
) has recorded an 18.7% y-o-y increase in net profit to $15.9 million for the 1QFY2024 ended March 31.
The earnings growth for the quarter came about despite a 20.4% y-o-y decrease in 1QFY2024 revenue to $128.6 million as heavy snowstorms in China forced customer orders to be rescheduled.
