Continue reading this on our app for a better experience

Open in App
Floating Button
Home Capital Results

Frencken reports better FY2022 revenue higher costs led to earnings drop of 11.7%

The Edge Singapore
The Edge Singapore • 1 min read
Frencken reports better FY2022 revenue higher costs led to earnings drop of 11.7%
Photo: Albert Chua
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

Given the challenging and uncertain macroeconomic backdrop, Frencken, led by president and executive director Dennis Au (picture) is adopting a cautious view for FY2023.

Based on current indicators and barring unforeseen circumstances, the company expects revenue from the current 1HFY2023 ending June to be lower versus the preceding 2HFY2022 ended Dece 2022.

"Present business visibility is hampered by volatile market conditions. The group will update its revenue guidance as and when appropriate," says Frencken.

The company plans to pay a first and final dividend of 3.64 cents. This time last year, it paid 4.13 cents.

See also: Trump wins Republican nomination, setting up rematch with Biden

Frencken shares closed Feb 27 at $1.13, down 1.74%.

Highlights

Re test Testing QA Spotlight
1000th issue

Re test Testing QA Spotlight

Get the latest news updates in your mailbox
Never miss out on important financial news and get daily updates today
×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.