Australia's Cirrus Networks soars to 3-year high on swinging to profit

Cirrus Networks Holdings

02/02/2023 01:11

** Shares of IT firm Cirrus Networks  CNW.AX  leap as much
as 23.5% to A$0.042, their highest level since Nov. 26, 2019
    ** Says it recorded half-yearly net profit before tax of
A$1.3 million ($929,240.00), compared with a loss of A$2.2
million a year ago 
    ** Revenue rises 27% to A$56.7 million over the half-year 
    ** Says overhead costs were 10% lower over half-year and
margins improved 
    ** Shares log their best intraday gain since March 12, 2021 
    ** Trading volumes cross 16 times the 30-day average, with
over 6 mln shares traded so far
    ** YTD, CNW up 3.0% as of last close 
($1 = 1.3990 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))