CEO Morning Brief

Inari Amertron Sees 37% Decline in 3Q Profit on Lower Loading Volume

Publish date: Fri, 26 May 2023, 08:41 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 25): Lower loading volume across all business segments resulted in Inari Amertron Bhd registering a 36.6% drop in net profit to RM57.36 million for the third quarter ended March 31, 2023 (3QFY2023) against RM90.48 million in the same period last year.

Quarterly revenue came down 23.5% to RM275.8 million from RM360.34 million.

It proposed a 1.4 sen dividend for the quarter under review, to be payable on July 7.

In a filing with the stock exchange on Thursday (May 25), outsourced semiconductor assembly and test player said it experienced lower loading volume in the radio frequency segment due to softer smartphone demand. There was also lower loading volume in the optoelectronics segment in the current quarter.

For the cumulative nine-month period, Inari’s net earnings slipped 15.6% to RM257.22 million from RM304.7 million, on the back of a 12.9% drop in revenue to RM1.06 billion from RM1.21 billion.

On prospects, Inari expects improved performance for the upcoming financial period while remaining cautious on the back of the uncertain global outlook and ongoing slowdown in the semiconductor market.

The stock closed one sen or 0.4% higher at RM2.26 for a market value of RM8.44 billion.

Source: TheEdge - 26 May 2023

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