05:28 PM EDT, 05/22/2024 (MT Newswires) -- 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 C$6.19 million in the period, compared with a year-prior loss of C$2.59 million. However discontinued operations contributed C$7.37 million to the profit. It lost C$1.16 million from continuing operation, an improvement from a loss of C$3.63 million a year earlier.

Revenue fell 6.3% to C$29.9 million from C$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.