ISDN Holdings has reported revenue of $169.2 million for 1HFY2023 ended June, 11.3% lower y-o-y. Similarly, gross profit fell 18.0% y-o-y to $44.3 million during the six-month period. 

In results released on Sept 27, the group posted net profit of $9.1 million in 1HFY2023, up 30.4% h-o-h but down 43.8% y-o-y.

Revenue from ISDN’s industrial automation solutions segment decreased by $16.6 million, or 9.0% y-o-y, in 1HFY2023. The decline was significantly impacted by cyclical impact from three semiconductor industry customers and weaker RMB currency against the group’s reporting currency.

The renminbi had depreciated by about 8.7% in June as compared to a year prior. On a constant currency basis, the group’s revenue would be $180.0 million in 1HFY2023, a slight decrease of 2.7% y-o-y.

The group’s other segment is renewable energy, with revenue recognised in 1HFY2022 related to construction revenue before it was commercialised. Hence, revenue fell 82.0% y-o-y to $1.0 million in 1HFY2023. 

The group’s hydropower plant, Lau Biang 1, commenced commercial operations on Dec 31, 2022. The group recognised $1.1 million and $1.2 million in revenue and finance lease income under other operating income respectively for Lau Biang 1 in 1HFY2023.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/capital/results/isdn-reports-lower-fy2022-earnings-eyes-meaningful-contribution-onwards-hydropower?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>ISDN reports lower FY2022 earnings; eyes meaningful contribution onwards from hydropower</a>

The group’s gross profit margin declined 2.2 percentage points y-o-y to 26.2% in 1HFY2023. 

Cost of sales for the period was $124.8 million, 8.6% lower y-o-y. Operating expenses declined 6.1% h-o-h to $31.4 million in 1HFY2023.

Earnings per share for the period fell to 1.04 cents from 2.52 cents this time last year.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/capital/brokers-calls/cgs-cimb-downgrades-isdn-reduce-weaker-prospects-china?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>CGS-CIMB downgrades ISDN to 'reduce' on weaker prospects in China</a>

The board has decided not to declare any interim dividend for the 1HFY2023, unchanged from this time last year. 

As at June 30, cash and cash equivalents stands at $49.6 million, down from $54.1 million at the start of the six-month period.

As at June 30, the group has long and short-term bank borrowings of approximately $33.8 million and its gearing ratio stands at 16.9%, down from 17.2% as at Dec 31, 2022. 

Shares in ISDN closed 0.5 cents lower, or 1.33% down, at 39 cents on Sept 27.

ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023

Related News

Highlights

Singapore 'acutely aware' of global competition to be AI hub, plans to triple AI talent pool to 15,000

Related News

CGS-CIMB downgrades ISDN to 'reduce' on weaker prospects in China

ISDN receives commercial operation approval and commencement date for two additional mini-hydropower plants

ISDN reports lower FY2022 earnings; eyes meaningful contribution onwards from hydropower