Cortina Holdings has posted earnings of $14.6 million for the 1HFY2021 ended Sept 30, some 23% lower than earnings of $18.9 million a year ago.
Earnings per share for the half-year period came in at 8.8 cents, down from the 11.4 cents reported in 1HFY2020.
1HFY2021 revenue fell 32.4% y-o-y to $173.8 million, while profit after tax (PAT) fell 20% y-o-y to $16.0 million.
The lower top and bottom lines were mainly due to the negative impact from Covid-19, says the group.
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Sales margin, on the other hand, increased to 28.4%, compared to 26.8% in the previous quarter.
Other income gains of $6.9 million consists mainly of grants from government support schemes and rent concession from landlords.
In its outlook statement, the group says the prospect of future growth will be affected due to the uncertainty of the global economy amid the Covid-19 pandemic.
“The group will continue to review and fine tune its strategies, adapt to the changes and emerging trends in the industry and in the markets that it operates in,” it says.
Shares in Cortina closed flat at $2.04 on Nov 13.
See: Cortina posts 69% increase in 1Q earnings to $8.9 mil on higher sales
