Cost of sales fell by a smaller 10.5% as inflationary pressures contributed to higher prices for utilities, transportation and some raw materials.
Spindex Industries (SGX:564
) has reported 31.6% decline y-o-y in its net profit to $6.1 million in its 1HFY2023 ended Dec on lower gross profit and higher effective tax rate.
Under challenging business conditions, the company’s revenue contracted by 13.2% to $94.2 million in 1HFY2023 compared to the previous corresponding period.The decline was broad based across the business sectors of the group.
