Frencken Group E28 has reported earnings of $12.1 million for the 1HFY2023 ended June 30, 53.8% lower y-o-y.
Revenue fell by 9.7% y-o-y to $351.0 million amid a “challenging business environment” for companies in the tech sector.
Revenues for both the group’s mechatronics division and IMS division fell y-o-y. The mechatronics division saw revenue decline due to lower sales from its Asia operations.
Gross profit fell by 28.8% y-o-y to $43.3 million while gross profit margin fell by 3.3 percentage points y-o-y to 12.3% due to inflationary cost pressures and higher depreciation expenses.
Earnings per share (EPS) stood at 2.82 cents on a fully diluted basis.
No dividend was declared for the period.
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Cash and cash equivalents stood at $66.4 million as at June 30.
Shares in Frencken closed at 82.5 cents on Aug 11.
