KUALA LUMPUR (Aug 17): Formosa Prosonic Industries Bhd’s net profit for the second quarter ended June 30, 2023 (2QFY2023) declined 19.04% to RM26.35 million from RM32.55 million a year earlier, as revenue came down due to lower sales volume. Earnings per share fell to 10.28 sen from 12.75 sen.

The electronic manufacturer said its revenue fell 29.82% to RM176.25 million from RM251.13 million in 2QFY2022.

For the six months ended June 30, the group registered a net profit of RM36.07 million, a 32.72% drop from RM53.6 million for the same period of FY2022, as revenue tumbled 43.27% to RM285.48 million from RM503.19 million.

The group expects the operating environment to continue to be challenging in 3QFY2023 due to strong headwinds from inflationary pressure and rising interest rates.

“The group is aware of these circumstances and will continue to monitor the situation closely and take necessary steps to mitigate any adverse impact and to optimize its operations to adapt to the volatile business environment,” it added.

Formosa’s share price finished up one sen or 0.38% at RM2.64 on Thursday (Aug 18), giving the group a market capitalisation of RM678.39 million.