In addition, the company’s key contract electronics manufacturer (CEM) in MITL-Shanghai was acquired by any company which has an inhouse sourcing supply-chain model. As such, the company completed the transfer to its customer’s site in the third quarter of 2023. It has also subsequently restructured the MITL-Shanghai into a sales & service support entity.
Manufacturing Integration Technology is guiding for a net loss in the 1HFY2024 ended June 30. The loss is mainly due to the lower revenue from the customised automation and build-to-print business during the period.
“The slow economy has led to weak consumer sentiment towards large expenditure such as capital goods,” says the company in its July 31 statement.
