Aztech Global H1 net profit up 0.2% to S$42.9 million on higher sales
AZTECH Global has posted a 0.2 per cent increase in net profit to S$42.9 million for its first half ended Jun 30, 2023, from S$42.8 million in the corresponding period of the year before.
While the company saw gains in revenue and higher interest income, these were offset by higher employee benefits and other operating expenses as a result of increased business activities, said the technology solutions provider in a bourse filing on Friday (Jul 21).
Earnings per share stood at 5.56 Singapore cents for H1, up from 5.55 cents the previous year.
Revenue for H1 rose 6.6 per cent to S$388.6 million, from S$364.6 million the year before. This was mainly driven by a year-on-year increase in sales of Internet of Things (IoT) devices and data-communication products, said the company.
An interim dividend of three Singapore cents per share was declared for the half year. The dividend will be recorded on Aug 1 and paid out on Aug 11. There was no interim dividend paid in the corresponding year-ago period.
The group expects the challenging operating environment to persist in H2 this year, given the ongoing macroeconomic uncertainties. It thus remains cautiously optimistic about its business prospects for the rest of the year.
Notwithstanding the current tough business climate, the group’s order book remains strong, it said. As at Friday, it had secured S$594.5 million in orders; a significant portion of these orders are scheduled for completion in FY2023 across the group’s manufacturing facilities in Dongguan in China, and in the Malaysian state of Johor.
Aztech’s chairman and chief executive Michael Mun said: “We remain committed to growing our business sustainably in the IoT space through continuous product and manufacturing development and innovation to ride on the opportunities ahead.”
Shares of Aztech Global closed S$0.005 or 0.7 per cent higher at S$0.70 on Friday, ahead of the announcement.
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