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IPS Securex full year profit down 35.2% to $1.11 million

Published on Aug 21, 2014 11:11 AM

SINGAPORE - Newly-listed security products and integrated security solutions provider IPS Securex has reported a drop in its first set of earnings.

It announced on Thursday that net profit for the financial year ended June 30 came in at $1.11 million, a 35.2 per cent decline compared with the same period a year ago.

Earnings fell despite revenue jumping 31.2 per cent for the year to $12.4 million.

A spike in administrative costs dragged down profits. Such expenses more than doubled to $4.69 million, due to one-off expenses from the company's initial public offering and restructuring exercise.

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