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Freelancer Posts Positive Net Profit, Lower Revenue in Q1; Shares Up 8%

-- Freelancer (ASX:FLN) said unaudited net profit before tax was positive in the first quarter even as group revenue fell 9.4% year on year to AU$12.7 million, according to a Wednesday Australian bourse filing.

Group gross merchandise value rose 14% to AU$263.3 million, the filing said. Cash flow was negative AU$1.7 million versus positive AU$2.2 million in the prior corresponding period, with cash and equivalents down 18% to AU$20.8 million.

The company's shares rose 8% in recent Wednesday trade.

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