The group’s earnings for the 4QFY2022 fell by 62.1% y-o-y to RM42.0 million due to the lower ASPs and higher cost of sales.
Riverstone Holdings (SGX:AP4
) has reported earnings of RM314.4 million ($94.8 million) for the FY2022 ended Dec 31, 2022, 77.8% lower than the previous year’s earnings of RM1.42 billion.
The lower y-o-y earnings were attributed to the normalisation of average selling prices (ASPs) and higher cost of sales. Despite the industry headwinds and inflationary pressures, the group says its results are still better than its pre-Covid-19 levels.
