Given the challenging and uncertain macroeconomic backdrop, Frencken, led by president and executive director Dennis Au (picture) is adopting a cautious view for FY2023.
Frencken Group has reported slightly higher revenue of $786.1 million for FY2022. However, higher operating costs, especially incurred by its operations in Europe, led to lower earnings of $51.9 million for FY2022, down 11.7% over FY2021.
Higher capex, inventory write-off and finance costs also combined to weigh down the bottom line.
