MFS Technology reported yesterday that first-quarter profit dropped 37 per cent to $9.05 million, while revenue fell 12 per cent to $106 million.

Earnings per share were at 1.37 cents, down from 2.2 cents a year ago.

Net asset value per share was at 26.2 cents at the end of last year, up from 24.9 cents at Sept 30, 2005.