Avi-Tech Holdings 1R6 has reported earnings of $3.3 million for its FY2023 ended June 30, a 3.8% y-o-y improvement compared to its earnings of $3.1 million in FY2022.
Earnings per share (EPS) came to 1.9 cents in FY2023, an improvement over the 1.84 cents posted for the previous financial year.
Revenue for its full-year period was up 13.1% to $34.9 million despite “challenging operating conditions”, which saw the company’s cost of sales increase 16.6% to $26.9 million for FY2023.
For its 2HFY2023, the company posted earnings and revenue of $1.2 million and $17.1 million, respectively, improvements of 11.7% and 4.9% compared to 2HFY2022.
While Avi-Tech’s gross profits increased $0.2 million or 2.8% to $8.0 million in FY2023 compared to $7.8 million in FY2022, its gross profit margin was reduced due to the “substantial increase” in electricity costs during the period.
“Avi-Tech demonstrated exceptional resilience, achieving notable revenue and profit growth in FY2023 despite grappling with significantly elevated business costs,” says executive chairman and CEO Lim Eng Hong.
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The company maintains a cautiously optimistic outlook regarding its growth prospects, owing to prevailing uncertain operating environment, primarily influenced by weakened global demand and China's economic deceleration.
As at June 30, the company’s cash and cash equivalents stood at $7.8 million.
Avi-Tech has proposed a final dividend of 1.0 cents per share, which will be distributed on Nov 28.
Shares in Avi-Tech closed 1 cent or 3.57 up at 29 cents on Aug 22.
