Cost of sales fell by a similar margin of 9.3% to $70.9 million in 1HFY2024, as distribution, selling and administrative expenses were carefully managed in line with the lower revenue.
Spindex Industries (SGX:564
) has reported a net profit of $6.3 million for its 1HFY2024 ended Dec 31, 2023, a 4.7% y-o-y improvement, on increased gross profit and a lower effective tax rate.
Amid market conditions which remained challenging, the company’s revenue contracted by 6.3% y-o-y to $88.2 million in 1HFY2024 compared to the previous corresponding period. The company’s business segments recorded mixed performances as overall demand continued to remain soft.
