TS Telecom's net profit more than tripled for the year to March 31 from a year earlier, to HK$40.3 million.
The telecommunications-system integrator's results were slightly higher than the HK$36 million earning forecast stated in its prospectus.
Turnover dropped 11 per cent from a year earlier to HK$96.8 million.
Randy Hung King-kuen, chief financial officer, attributed the turnover decline to restructuring in the mainland's telecoms industry.
'Total capital investment in telecoms infrastructure dropped 8.7 per cent in the last year,' he said. 'This affected our sales.' Gross profit improved 48 per cent to HK$72.8 million due to cost-saving measures.
The company, which listed on the Growth Enterprise Market in December, has postponed a plan to place new shares to strategic investors because of sluggish market conditions.
