Data#3 Profit Plunges
Total revenue was up 8.1 percent to $833.6 million, but “difficult market conditions and dwindling margins” saw net after-tax profit fall 38 percent to just $7.5 million, the Brisbane-based company said.
In a nice piece of understatement, chairman Richard Anderson said: “2014 has been one of Data#3’s more challenging years.”
But he added: “With sentiment towards IT investment remaining flat and in a highly competitive and transforming technology market, Data#3 has done well to deliver revenue growth, albeit at reduced margins.”
Data#3 shares dropped 5.7 percent on the news, closing at 82.5 cents on Wednesday.
Yesterday they dropped another 7.5c, closing at 75c.