Communication services provider Telestone Technologies Corp. (TSTC: Quote), Friday reported a sharp decline in profit for the fourth quarter primarily on lower revenues.
The China-based company reported a fourth quarter net profit of $3.54 million or $0.29 per share, compared to $12.31 million or $1.10 per share last year.
Adjusted net profit for the quarter plunged 74.6 percent to $3.76 million or $0.30 per share from
$14.79 million or $1.33 per share in the year-ago quarter.
Total revenue for the quarter dropped 33.1 percent to $40.65 million from $60.80 million in the
by RTT Staff Writer
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