Revenue fell by 9.7% y-o-y to $351.0 million amid a “challenging business environment” for companies in the tech sector.

Revenues for both the group’s mechatronics division and IMS division fell y-o-y. The mechatronics division saw revenue decline due to lower sales from its Asia operations.

Gross profit fell by 28.8% y-o-y to $43.3 million while gross profit margin fell by 3.3 percentage points y-o-y to 12.3% due to inflationary cost pressures and higher depreciation expenses.

Earnings per share (EPS) stood at 2.82 cents on a fully diluted basis.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a></b></span>

Cash and cash equivalents stood at $66.4 million as at June 30.

Shares in Frencken closed at 82.5 cents on Aug 11.

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