05:30 PM EDT, 05/22/2024 (MT Newswires) -- (Corrects to US$ rather than Canadian dollars.)

Quisitive Technology Solutions ( QUISF ) on Wednesday said it swung back to a first-quarter profit, though the bulk of the gain came on earnings from discontinued operations.

The IT-consulting company said it earned US$6.19 million in the period, compared with a year-prior loss of US$2.59 million. However discontinued operations contributed US$7.37 million to the profit. It lost US$1.16 million from continuing operation, an improvement from a loss of US$3.63 million a year earlier.

Revenue fell 6.3% to US$29.9 million from US$31.9 million.

"In early 2024, our key priority is refocusing the business to solidify our position as a premier Microsoft Cloud and AI solutions partner. Building on the cost management measures we implemented in 2023, we have strengthened our gross profit margins and begun investing to prepare the company to seize the transformative opportunities presented by the era of AI," chief executive Mike Reinhart said in a statement.

Quisitive shares closed unchanged at C$0.36 on the TSX Venture Exchange.