Home Capital Results

InnoTek expects to post net loss for 1HFY2022

Samantha Chiew
Samantha Chiew7/14/2022 06:35 PM GMT+08  • 2 min read
InnoTek expects to post net loss for 1HFY2022
InnoTek expects to post net loss for 1HFY2022
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

InnoTek is informing shareholders that following a preliminary review of its financial results, it expects to report a net loss for 1HFY2022 ended June.

In its July 14 announcement, the group is attributing its loss to increased operating costs as labour and manufacturing costs have risen, while disruptions to the global supply chain have resulted in higher cost of raw materials; and prolonged movement restrictions imposed within China as part of its “Dynamic Zero” Covid-19 policy. These restrictions severely impacted the group’s major customers’ businesses in China, which in turn hampered the its revenue growth in 1HFY2022.

To recap, InnoTek recorded earnings of $4.3 million in 2HFY2021, representing a 57.8% y-o-y decline from $10.1 million. For its FY2021 period, earnings were 17.0% lower y-o-y at $11.5 million. Revenue was also registered a decline for the 2HFY2021 and FY2021 periods.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.