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 INARI 0166 INARI AMERTRON BERHAD reports steady 1Q net profit, declares 2.6 sen dividend

KUALA LUMPUR (Nov 17): Inari Amertron Bhd’s net profit eased 0.63% to RM106.25 million for the first quarter ended Sept 30, 2022 (1QFY23), from RM106.93 million a year earlier, amid comparatively lower loading volume offset by favourable movement in foreign exchange.

Earnings per share fell to 2.86 sen from 2.98 sen, the semiconductor contract manufacturer’s bourse filing showed.  

Quarterly revenue dropped 12.55% to RM377 million, from RM431.12 million in 1QFY22.

On a quarter-on-quarter basis, the group’s net profit rose by 23.24% from RM86.22 million posted in 4QFY22, as revenue grew 12.14% from RM336.18 million.

Inari, the country’s largest outsourced semiconductor assembly and test (OSAT) player, declared a first interim dividend of 2.6 sen, payable on Jan 6, 2023.

The group said it is cautious on growth in its recurring radio frequency and optoelectronics business for the rest of FY23, in view of global economic uncertainties arising from inflation, conflicts and supply chain disruption due to Covid lockdowns.

“Meanwhile, the group is working on new opportunities coming onshore into Malaysia’s OSAT ecosystem, [while] at the same time, bringing up our new China JV site in Yiwu to begin manufacturing during the second half of FY24.

“The group also expects to continue benefitting from the strong US dollar for FY23,” the group added.

Inari’s share price finished down three sen or 1.15% at RM2.58 on Thursday (Nov 17), bringing the group a market capitalisation of RM9.63 billion.

http://www.theedgemarkets.com/article/inari-reports-steady-1q-net-profit-declares-26-sen-dividend

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