Queste swings to $2m profit in 1H10

VoIP provider Queste Communications has reported a turnaround profit of nearly $2 million in 1H10, with careful cost cutting making up for a 56% decline in revenue.

The company, which reported a net loss of $6.7 million in 1H09, posted a diluted earnings per share of 8.7 cents.

Revenue more than halved to $7.9 million, but the company cut its expenses by 92%, from $36 million to just $2.8 million.

Despite the result, Queste said it was not in a position to pay a dividend.