FARMINGDALE, NY -- Cemtrex's fiscal fourth quarter net income plunged 93% to $53,000 despite quarterly revenue gains.

For the three months ended Sept. 30, net revenue rose 3% year-over-year to $14 million, bringing the provider of EMS services and filtration equipment's full-year sales gain to nearly 20%. revenue 

For the company's fiscal 2015, revenue increased 19% to $56.9 million, while net income rose 6% to $2.83 million.

Commenting on the results, chairman and chief executive Saagar Govil said, "We were able to capitalize on the momentum that we created in 2014 and hence the revenues increased almost 20% organically. The global economic downturn in oil and commodity prices did create a competitive environment which resulted in lower gross profit in fiscal 2015 as compared to fiscal 2014.

On Dec. 15, Cemtrex completed its acquisition of Advanced Industrial Services, a move that will add about $23 million to the firm's annual revenues.

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