FINTECH firm Silverlake Axis saw net profit fall 12 per cent to RM59.1 million for the fourth quarter ended June 30, as the Covid-19 pandemic hampered the timely closing of deals, the firm said in its results release on Tuesday after the market closed.
Revenue for the quarter was down 17 per cent at RM156.8 million. Silverlake said the pandemic affected its ability to close deals in a timely manner"due to changes in customers' priorities" and the lockdown measures. But it noted that there was no material disruption to its operations in the last financial year, as it continued to deliver on existing contracts and secured new ones.
Silverlake said:"Large deals continue to be a challenge to close due to economic uncertainties. However, the group's customers continue to implement smaller incremental projects and believe that this trend will continue through FY2021."Stay updated with
Source: News Formal (newsformal.com)
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