08:48 AM EDT, 05/08/2024 (MT Newswires) -- Softchoice ( SFTCF ) on Wednesday reported a wider loss on lower net sales for its first quarter.

The software and cloud-focused IT solutions provider reported a net loss of US$1 million, or US$0.02 per share, from net income of US$4.5 million, or US$0.08 per share, last year. Higher unrealized foreign exchange losses and deferred tax expenses caused the increase, Softchoice ( SFTCF ) said.

Adjusted profit of US$4.4 million, or US$0.07 per share, was lower than the US$7.1 million, or US$0.12 per share, last year.

Softchoice ( SFTCF ) said net sales fell 19% to US$169 million.

The company will pay a quarterly dividend of C$0.13 per share on July 12.