This brings its group’s FY2022 earnings to $7.3 million, up from the loss of $4.9 million for the FY2021.

The reversal to profitability was brought about by higher other income, which rose to $12.4 million in the 2HFY2022 from $173,000, and US$12.5 million in the FY2022 from $334,000 in the FY2021. The surge in other income was mainly due to the gain from the completion of the disposal of the group’s subsidiaries, Matex Chemicals (MCT) and Amly Chemicals (ACL), in 2HFY2022.

FY2022 revenue fell by 30.3% y-o-y to $14.6 million as all segments fell on a y-o-y basis. According to the group, the lower revenue was mainly due to the continued impact of the Covid-19 pandemic on the textile industry in China and the geopolitical issue in Sri Lanka.

FY2022 gross profit fell by 4.9% y-o-y to $2.5 million although gross profit margin (GPM) grew by 4.6 percentage points to 17.2% mainly due to favourable foreign exchange rates.

Earnings per share (EPS) for FY2022 stood at 2.33 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='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

Cash and cash equivalents stood at $11.9 million as at Dec 31, 2022.

Shares in Matex closed flat at 2.5 cents on Feb 28.

Matex International reverses to earnings of $9.6 mil for 2HFY2022 after disposal of its subsidiaries

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

Singtel to sell 20% stake in regional data centre business valued at $5.5 bil

SoftBank has either reopened the IPO market or killed it

Equity markets dictated by rising risk-free rates

Sheng Siong signs new lease agreement in China

KDCREIT obtains $120 mil sustainability-liked Islamic credit facility

Matex International reverses to earnings of $9.6 mil for 2HFY2022 after disposal of its subsidiaries

Related News

Highlights

Will the Rising Sun keep rising?

Related News

Sim Leisure Group posts record earnings of RM25.9 mil for FY2022

ComfortDelGro on track for recovery, but speed bumps ahead

Japfa's FY2022 earnings down by 93% to US$8.2 mil on the back of 'global challenging environment'