This is despite a 13% y-o-y increase in revenue to $82.6 million due to higher depreciation costs of $2 million, and professional fees of $0.5 million related to its AxynTec acquisition in February, notes Tng.
Nanofilm’s 1HFY2024 net loss of $3.7 million a “negative surprise”, says CGS International’s (CGSI) analyst William Tng, who downgrades his call from “hold” to “reduce”, and lowers his target price to 59 cents from 70 cents previously.
The mainboard listed company, which specialises in advanced materials and coatings, reported a net loss of $3.7 million for the first half of the year, lower than the 1HFY2023’s $7.6 million net loss.
