Sunright narrows H1 net loss to S$1.3 million, no dividend proposed

MAINBOARD-LISTED Sunright reported a narrowed net loss of S$1.3 million for the six months ended Jan 31, 2023, less than the net loss of S$1.5 million in the corresponding year-ago period.

This was despite the group recording a 15 per cent decline in revenue to S$43.8 million, down from S$51.8 million in the year-ago period.

The semiconductor company attributed the decline in revenue to a lower volume for burn-in and test services, as well as a scale-down in electronic manufacturing services.

The results translate to a loss per share of 1.1 Singapore cents for the period, from a loss of 1.2 Singapore cents per share a year earlier.

Sam Lim, Sunright’s executive chairman and chief executive, said that it took a longer time for the qualifications of new automotive devices to meet “extensive testing requirements”. He added that the group had invested in a new range of testers for services, and that this also required an extended period of time for certifications.

Nevertheless, Lim said that he expected the company to see improvements in the later part of this year: “Our new product offerings targeted at devices for the automotive, data centres and cloud-computing market segments should gradually strengthen our performance.”

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The board has not recommended an interim dividend because of the losses.

Shares of Sunright closed S$0.010 or 3.9 per cent lower at S$0.25 on Friday (Mar 10), before the announcement was made.