CFM Holdings 5EB has reported earnings of $980,000 for the 1HFY2024 ended Dec 31, 2023, almost 90% lower than its earnings of $9.4 million in the same period the year before.
The company’s lower earnings were due to the surge in other income in 1HFY2023 from the disposal of non-current asset held for sale of $8.13 million, which stood at $8.4 million. For the six months ended December, other income stood at just $238,000.
Revenue for the period, however, was up by 3.0% y-o-y to $14.5 million due to an increase orders from new and existing customers in the company’s metal stamping segment.
Gross profit grew by 15.0% y-o-y to $4.4 million mainly due to the higher revenue. Gross profit margin (GPM) also improved by 3.2 percentage points y-o-y to 30.5% in 1HFY2024.
As at Dec 31, 2023, cash and cash equivalents stood at $8.6 million.
Shares in CFM closed unchanged at 8.4 cents on Feb 1.
