ISDN Holdings has reported revenue of $169.2 million for 1HFY2023 ended June, 11.3% lower y-o-y. Similarly, gross profit fell 18.0% y-o-y to $44.3 million during the six-month period.
In results released on Sept 27, the group posted net profit of $9.1 million in 1HFY2023, up 30.4% h-o-h but down 43.8% y-o-y.
Revenue from ISDN’s industrial automation solutions segment decreased by $16.6 million, or 9.0% y-o-y, in 1HFY2023. The decline was significantly impacted by cyclical impact from three semiconductor industry customers and weaker RMB currency against the group’s reporting currency.
The renminbi had depreciated by about 8.7% in June as compared to a year prior. On a constant currency basis, the group’s revenue would be $180.0 million in 1HFY2023, a slight decrease of 2.7% y-o-y.
The group’s other segment is renewable energy, with revenue recognised in 1HFY2022 related to construction revenue before it was commercialised. Hence, revenue fell 82.0% y-o-y to $1.0 million in 1HFY2023.
The group’s hydropower plant, Lau Biang 1, commenced commercial operations on Dec 31, 2022. The group recognised $1.1 million and $1.2 million in revenue and finance lease income under other operating income respectively for Lau Biang 1 in 1HFY2023.
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The group’s gross profit margin declined 2.2 percentage points y-o-y to 26.2% in 1HFY2023.
Cost of sales for the period was $124.8 million, 8.6% lower y-o-y. Operating expenses declined 6.1% h-o-h to $31.4 million in 1HFY2023.
Earnings per share for the period fell to 1.04 cents from 2.52 cents this time last year.
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The board has decided not to declare any interim dividend for the 1HFY2023, unchanged from this time last year.
As at June 30, cash and cash equivalents stands at $49.6 million, down from $54.1 million at the start of the six-month period.
As at June 30, the group has long and short-term bank borrowings of approximately $33.8 million and its gearing ratio stands at 16.9%, down from 17.2% as at Dec 31, 2022.
Shares in ISDN closed 0.5 cents lower, or 1.33% down, at 39 cents on Sept 27.
