QRSciences (ASX:QRS) FY10 profit up 531% on asset sales

QRSciences (ASX:QRS) FY10 profit up 531% on asset sales

Security technology company QRSciences Holdings (ASX:QRS) has reported a 531% increase in FY10 profit, on asset sales and rising revenue.

The company reported profit of $4.2 million, on 7.1% higher revenue of $19.3 million.

During the financial year, QRSciences sold its interest in Spectrum San Diego for a gain of $3.3 million, its Perth-based R&D business QRSciences Pty Ltd for $150,000 and its 97%-owned listed company shell DVOP.OB for $215,000.

Operating subsidiary QRSciences Security posted a net profit of $1.5 million, compared to a $756,000 loss from FY09.

QRS shares are today trading 1.67% higher at $0.061.

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Tags securityfinancial resultsQRSciencesASX:QRS

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