Strong revenues for the fiscal ended on June 30 aided the bottom line of Australian company Aquis Entertainment Ltd, which reported a net profit up eight folds on a year-on-year basis at A$3.16 million ($2.16 million) from A$0.3 million ($0.2 million).

With COVID19-related government restrictions in place and a staffing crisis due to absenteeism of employees, the company operations definitely suffered to an extent in the first half of the fiscal year 2022.

“Despite these challenges, the team have continued to produce impressive results as a result of targeted investment in the business and perpetual spending control,” the regulatory filing by the company to the Australian Stock Exchange read.

Net revenues of the company grew A$17.8 million ($12.2 million) as against A$14.5 million ($10 million).

Revenues from Services which constituted 92 percent of the revenue pie, grew 23 percent at A$16.4 million ($11.24 million) from A$13.3 million ($9.11 million).

Whereas revenues from services, which constituted 8 percent, grew 27 percent at A$1.4 million ($0.95 million) against A$1.2 million ($0.81 million).

Earnings per share of the company in nine multiples at 1.71 cents from 0.20 cents, a year ago.

Cash position of the company in FY22 is comparatively strong as on 30 June 2022 the Group held cash of A$9.4 million ($6.44 million) as against A$6.5 million ($4.45 million) in 2021.

Equally the net cash inflows from operations for the period were recorded at $2.7 million ($1.85 million) as against A$1.9 million ($1.31 million).