By Anthony O. Goriainoff
Tungsten Corp. said Monday that it swung to a pretax profit after booking lower costs for the first half of fiscal 2022, but that customer wins in the period were below expectations.
The digital financial management company said that for the six months ended Oct. 31 pretax profit was 639,000 pounds ($848,016) compared with a pretax loss of GBP30.5 million for the first half of fiscal 2021.
Operating profit for the first half was GBP800,000 compared with an operating loss of GBP29.9 million the year before, which included a GBP26.2 million impairment charge.
Revenue for the period rose to GBP18.3 million from GBP18.0 million in the year-prior period.
Customer wins in the first half were below expectations, but the company said it was confident for the remainder of the year.
The company added that although upsells and new customer wins to Oct. 31 will contribute revenue of GBP512,000 for fiscal 2022, the continued weakening of the U.S. dollar in fiscal 2022 when compared with fiscal 2021 is expected to hit underlying year-on-year growth rates.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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December 13, 2021 at 04:04PM
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Tungsten Corp. Swung to 1H Pretax Profit - MarketWatch
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