Catalist-listed Jubilee Industries Holdings has reported earnings of $849,000 for the 1HFY2022 ended September, 4.14 times higher than earnings of $205,000 in the same period the year before.
Profit before income tax more than quintupled to $1.2 million from $212,000 in the 1HFY2021.
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The higher earnings and profit before tax were due to the higher revenue for the 1HFY2022, which doubled to $115.3 million.
The group’s revenue, in turn, was due to a broad-based increase in revenue for the group’s mechanical business and electronics business units (MBU and EBU).
During the half-year period, Jubilee Industries’ MBU saw revenue improve by $3.8 million to $15.3 million on higher sales of consumer and construction products.
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The group’s EBU revenue more than doubled to $100.0 million amid an improved business environment and increased global demand for semiconductors.
“Despite signs of recovery from the initial impact of Covid-19, we expect the global business landscape to remain challenging due to persistent social and economic uncertainties associated with Covid-19. We expect to face continued headwinds including rising logistics and raw material costs, as well as continuous pricing pressures from customers,” says Dato’ Terence Tea, Jubilee’s executive chairman and CEO.
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“Nonetheless, the group will continue to work on initiatives to better manage cost and operational efficiency with a focus on products with longer life cycles and higher growth potential,” he adds.
Shares in Jubilee Industries closed flat at 5.5 cents on Nov 11.