FFG) share price down 10% after posting profit?

The Fatfish Group Ltd (ASX: FFG) share price is under pressure today despite posting its first profit in 4 years. The tech venture builder company’s shares are currently swapping hands at 13.5 cents. This is down 10% on yesterday’s close.

The Fatfish share price drop follows the release of the company’s preliminary final report for FY2020.

What was in the report?

For the 12 months ended 31 December 2020, Fatfish Group reported a net profit after tax of $191,000. This compares to a loss of more than $14 million net in the prior corresponding period (pcp).

The gross profits, however, are more precarious. The group went from $1.1 million in the pcp to $519,000 in FY2020. This calculates at a 54% drop over the two periods….