Shares in industrial automation firm ISDN opened 8.7% higher at 69 cents on April 27 from its last close price of 63.5 cents on April 26, after it reported earnings of $6.1 million for the 1QFY2021 ended March, 95.4% higher than earnings of $3.1 million in the 1QFY2020.
The group saw broad revenue growth across its customer portfolio in 1QFY2021 as it posted revenue of $98.4 million, 23.4% higher y-o-y.
Gross profit rose 52.4% y-o-y to $26.5 million, while gross profit margin increased by 5.2 percentage points y-o-y to 27%.
According to the group, it remains well-positioned to benefit from the shifts post-Covid, including Asia’s rise in semiconductors and ongoing shift to advanced IC manufacturing and packaging.
On the accelerating adoption of Industry 4.0, the group says it continues to see growth as its customers shift towards more advanced industrial automation, which includes labour automation, machine intelligence and bespoke industrial capabilities.
“ISDN’s focus on advancing its engineering, software, and solutions capabilities to meet the growing needs of its customers has not only generated solid growth in 1QFY2021, but also strengthens ISDN’s long-term growth capabilities,” says the group in an April 26 statement.
“In addition to delivering strong core business results in 1QFY2021, ISDN continued to make commercial progress advancing its emerging portfolio of clean energy and disinfectant products,” it adds.
As at March 31, cash and cash equivalents stood at $54.6 million.
“ISDN is honoured to support our customers across so many vital segments of Asia’s next-generation industrial economy. Today, ISDN’s solutions are helping to alleviate the shortage of global semiconductors, create more advanced and healthier industrial workplaces, advance the clean economy in the region, and support the rollouts of 5G, IoT, machine intelligence, and digitalisation around the world,” says Teo Cher Koon, ISDN’s managing director and president.
“While we’re proud that ISDN has built a clear growth position for Asia’s shifts in technology, geopolitics, and digitalisation, we’re not resting on our accomplishments: ISDN continues to push forward with growing our technology capabilities, improving our productivity, and advancing our emerging business portfolio. We will continue to stay close to the needs our customers to capitalise on the massive digitalisation shift underway in Asia’s industry,” he adds.
As at 3.56pm, shares in ISDN are trading 5 cents higher or 7.9% up at 68.5 cents.
