Asti Holdings 575 announced earnings of $4.8 million for FY2022 ended Dec 31, 2022, a reversal from the loss of $3.9 million it recorded in the same period a year ago.
This comes on the back of revenue gaining 23.4% y-o-y to $67.0 million from $54.3 million last year. This is mainly due to higher revenue from the group’s tape & reel packaging services contributed by Philippines operations.
Gross profit margin dropped by 1 percentage point (ppt) 28% from 29% last year.
Overall expenses also saw a decline, with administrative expenses dropping 33.2% y-o-y to $11.0 million and other expenses declining by 95.4% y-o-y to $182,000.
As at end-December, cash and cash equivalents stood at $25.9 million.
With the group churning earnings this year, it has declared a dividend of 0.45 cent per share, compared to none in the same period a year ago.
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To recap, the group has been on the Singapore Exchange (SGX) watch list since June 6, 2019. It had said it will be delisted from SGX after failing to meet the requirements for exiting the watch list.
Shares in Asti are currently suspended. It last traded at 1.4 cents.
