TORONTO — Dye & Durham Ltd. says it lost $3.8 million in its fourth quarter compared with a profit of $1.7 million in the same quarter a year earlier.

The cloud-based software company says the loss amounted to 18 cents per diluted share for the three months ended June 30 compared with a profit of eight cents per share a year earlier.

Revenue slipped to $14.2 million compared with $15.1 million a year ago.

The result came as Dye & Durham says it cut $4.1 million in costs compared with its third quarter through permanent and temporary measures in response to the COVID-19 pandemic.

Dye & Durham completed its initial public offering and began trading on the Toronto Stock Exchange on July 17.

It raised $172.5 million in the offering and over-allotment option.

This report by The Canadian Press was first published Sept. 22, 2020.

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