05:19 PM EDT, 06/12/2024 (MT Newswires) -- Currency Exchange International ( CURN ), (CXI.TO) Wednesday said its fiscal second-quarter profit fell 77% on a charge even as revenue rose.

The company said it earned $0.51 million, or $0.08 per share, in the quarter ended April 30, down from $2.24 million, or $0.33. in the year-prior period.

Revenue rose 7.5% to $20.1 million from $18.69 million.

The company said its profit in the period dropped due to a charge against earnings.

"In the second quarter, management reassessed the recoverability of its deferred tax asset, specifically related to the unused loss carry forwards in its wholly-owned subsidiary, Exchange Bank of Canada. As a result, the deferred tax asset was reduced and a corresponding increase in deferred tax expense in the amount of $1.4 million was recorded," chief executive Randolph Pinna said in a release.

The company's shares closed down $0.15 to $26.71 on the Toronto Stock Exchange.