Australia-based ECS Botanics Holdings reported profitable operations for the six months ended Dec. 31, 2023, on increased medical cannabis revenue.
The company’s net profit after tax (NPAT) amounted to 1.2 million Australian dollars ($780,000) in the first six months of the fiscal year, a substantial improvement over the AU$1.4 million loss in the same period one year earlier, according to a news release.
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Revenue in the same period increased to a record AU$11.3 million, a 66% increase over the previous first-half sales of AU$6.8 million.
Free cash flow was AU$400,000.
In the release, the company attributed the accelerated growth rate to substantial increases in local and international contract agreements.
“ECS is now seeing the benefits of our capital light-business model and our ability
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