Industrial Research (IRL) has announced a fall in net profit after tax for the year to June, compared with the 2011 financial year.
The Crown Research Institute made $1.2 million in the year to June, compared with $2.3 million last year.
But the institute is upbeat, saying it is the fourth consecutive year it has recorded a net profit after tax.
IRL says it has achieved solid growth in commercial revenue despite a sluggish economy which is having an impact on a wide range of innovative businesses.
