AEM’s H2 earnings sink 30% to S$44 million

THE earnings of semiconductor equipment maker AEM fell 30 per cent to S$44 million for the second half ended December 2022, from S$62.4 million the year before.

H2 revenue dropped 12 per cent to S$330 million, from S$373.2 million previously.

Earnings per share (EPS) slipped to S$0.1423 for the six months ended Dec 31, 2022, from S$0.2078 for H2 FY2021.

Despite the slowdown in the second half, AEM’s full-year revenue climbed 54 per cent to a record high of S$870.5 million for FY2022, while earnings were 38 per cent higher at S$126.8 million.

However, the group warned that the weakness in H2 may continue into FY2023 due to “a confluence of factors such as a global slowdown… (and) rising interest rates that adversely impact capital expenditure”.

In a bourse filing on Friday (Feb 24), the company said that its management “is providing a target revenue guidance for FY2023 of S$500 million that may be revised as second-half visibility becomes clearer”.

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Shares of AEM closed flat at S$3.38 on Friday, before the announcement.