Electrical and energy solutions provider, FosRich Company, has reported a sharp decline in profits for the year ended December 31, 2024.
The company's net profit fell to just over $34 million, down from $235 million the previous year.
This comes despite a slight increase in gross profit, rising to $1.75 billion, as the company benefitted from a decline in cost of sales.
But higher administrative and operating expenses, which surged to $1.43 billion, and increased finance costs, pushed overall profitability down.
Earnings per share also fell, moving from $0.05 to just $0.01 per share.
The company saw a modest boost in fair value gains on investments, but overall, total comprehensive income for the year was significantly lower at $36 million.
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