Micro-Mechanics, which makes parts for the semiconductor industry, has reported earnings of $2.7 million for its 1QFY2023 ended Sept, down 36.4% y-o-y, in line with the industry-wide slowdown.
Revenue in the same period was down 21.5% y-o-y to $15.9 million.
However, in a sign of possible recovery, on a q-o-q basis, earnings is up 35.5%.
“While the Group continued to experience significant challenges during 1Q24 from the semiconductor industry’s downturn, we are encouraged that our two key geographical markets in Asia reported better q-o-q sales, says CEO Chris Borch.
Specifically, sales in China in 1QFY2024 dipped 3.6% y-o-y but was up 22.1% q-o-q to $5.3 million.
For Malaysia, sales in 1QFY2024 was down 11% y-o-y but up 19.3% q-o-q to $2.6 million.
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China and Malaysia are the largest and second-largest markets for Micro-Mechanics with 33.6% and 16.4% of total revenue respectively.
As at Sept 30, the company had a balance sheet with total assets of $61.6 million, shareholders’ equity of $49.3 million, cash and cash equivalents of $16.9 million and no bank borrowings.
