Datapulse Technology Q1 earnings plummet on weak demand for CDs and DVDs

Weak demand for media storage products and services sent earnings plummeting at electronics firm Datapulse Technology in the first quarter.

Net profit at the CD and DVD services provider was down 75.7 per cent to $985,000 from the preceding year on the back of a 50.2 per cent plunge in revenue to $10.6 million.

It said in a statement on Wednesday that the operating environment in the media storage industry "remains challenging" due to weak demand and keen competition, adding that it "may incur operating losses" for the rest of the financial year.

Earnings per share for the three months to Oct 31 was 0.17 cents, down from 0.68 cents the preceding year, while net asset value per share was 12.3 cents as at Oct 31, slightly higher than 12.14 cents as at July 31.

Datapulse shares closed flat at 24.5 cents yesterday.