Earnings per share also slipped to 2.59 cents for the period, down from 2.91 cents in 1QFY2022.

Revenue for 1QFY2023 remained relatively stable, easing 5% to $80.8 million compared to  $84.7 million in 1QFY2022.

The revenue drop was due to a 1% dip in the group’s semiconductor sales and a 56% revenue decline in its “others” segment, which was impacted by the absence of the delivery of Kalf‘s water disinfection system and a slowdown in the group’s material distribution business.

Meanwhile, the UMS aerospace business continued to enjoy robust growth — jumping 40% compared to 1QFY2022.

As at March 31, UMS’ cash and cash equivalents stood at $70.7 million.

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>

In view of its “robust” 1QFY2022 performance, UMS says it will maintain its interim dividend of 1 cent per share to reward shareholders.

Says UMS Chairman and CEO Andy Luong: "In the face of global economic challenges and a slowing semiconductor industry, UMS remained resilient. We delivered another commendable performance and strengthened our financial position as we continue to support our leading customers as they grow their presence in Southeast Asia.”

“While lower wafer fabrication equipment spending will persist in the coming months, we will focus on managing costs as we strengthen our production capacity in Malaysia. Indeed we will be in an excellent position to capture new growth opportunities when the global fab equipment demand resumes,” he adds.

Shares in UMS closed flat at $1.01 on May 10.

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