Redflex (ASX:RDF) profit dwindles on litigation costs

Redflex (ASX:RDF) profit dwindles on litigation costs

Red light camera technology developer Redflex Holdings (ASX:RDF) has revealed that litigation costs and exchange rate losses wiped out nearly all the company's profit in FY10.

The company posted a profit of $440,000, compared to a $13.4 million profit for FY09.

Underlying pre-tax profit, excluding litigation costs and other one-off expenses, was 42.6% higher at $19.1 million.

Revenue was 4.3% higher at $136.6 million.

RDF shares are today trading 1.15% lower at $2.570.

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