Willas-Array Electronics

The company recorded consolidated net profit of approximately HK$12.8 million for the same period last year.

Willas-Array says it expects to report a slight loss or to just break even for the FY2023 ending March 31.

Willas-Array attributes its earnings decrease to a foreign exchange loss of HK$32.8 million due to the depreciation of the RMB.

The guided net profit for the 1HFY2023 is compared to a consolidated net profit of around HK$43.5 million for the 1HFY2022.

Shares in Willas-Array closed 1.5 cents lower or 2.1% up at 71.5 cents on May 28.

The group says it is “cautiously confident” that its FY2021 performance will beat its performance in FY2020.

The net profit comes as the group recorded a HK$4.5 million loss in the same period a year ago.

This is compared to a net loss of some HK$31.2 million in the same period last year.

For more than three decades, Willas-Array Electronics (WAE) has focused on the distribution of electronic components in Hong Kong, a business known for intense competition, rapid change and low margins.

SINGAPORE (Nov 10): Willas-Array Electronics reported half-year earnings quadrupled to HK$60.2 million ($10.5 million) from HK$14.6 million a year ago despite the tough market conditions.