Avi-Tech Holdings has reported earnings – or a total comprehensive income – of $2.9 million, 40.3% higher y-o-y.
Earnings per share (EPS) stood at 1.67 cents on a diluted basis.
Revenue, however, fell by 6.4% y-o-y to $16.6 million as revenue for the manufacturing and printed circuit board assembly (PCBA) services segment, the largest contributor to the group’s revenue, fell by 26.3% y-o-y. This was offset by the 8.8% y-o-y increase in the revenue of the group’s burn-in services segment and the 24.4% y-o-y increase in the group’s engineering services segment.
Gross profit surged by 21.0% y-o-y to $5.5 million on higher sales from the engineering services segment and higher gross profit margin (GPM), which stood at 33.2%, 7.5 percentage points higher y-o-y. The higher GPM was due to economies of scale and enhanced operational efficiency. Higher sales from the burn-in segment also contributed to the higher GPM with lower underlying fixed costs.
As at Dec 31, 2023, cash and cash equivalents stood at $12.0 million.
An interim dividend of 0.75 cents per share was declared, unchanged from the year before. This will be paid on May 17.
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Shares in Avi-Tech closed 1 cent lower or 3.85% down at 25 cents on Feb 8.
