Intraco Limited reverses into earnings for the FY2023 ended Dec 31, 2023, with a net profit of $3.2 million, compared to a net loss of $1.3 million from the same period a year before.
The group says that its reversal of $3.8 million in 2HFY2023 was due to partial recovery of a trade receivable, which was previously provided for by the company in the financial years ended Dec 31, 2009 to Dec 31, 2011.
This refers to an allowance for impairment loss on certain trade receivables and contract assets
amounting to $0.4 million in 2HFY2023 and adjustment on receivable due to the weakening of the currency of Myanmar against the US dollar, for the balance consideration receivable from Tat Hong Holdings amounting to $0.2 million in 2HFY2023.
The group’s earnings per share came in at 2.83 cents for the FY2023, a reversal from a loss per share of 1.18 cents in FY2022.
However, the group’s revenue declined by 17.8% from $192.9 million in FY2022 to $158.6 million in FY2023 due mainly to the lower revenue contributed from the group’s trading and distribution business and provision of passive fire protection products and services
Intraco’s gross profit for the FY2023 came in 4.9% y-o-y lower at $8.2 million, from $8.6 million in the same period a year before.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
This was mainly due to the lower gross profit margins obtained both from the passive fire protection and trading and distribution and other business segments.
The group declared dividends of 0.5 cents per ordinary share for the FY2023. It will be subject to approval by shareholders at the group’s annual general meeting on Apr 25, and will be paid on May 24.
The group’s net assets increased from $59.0 million as at Dec, 31, 2022, to $61.8 million as at Dec, 31, 2023.
See also: PNE Industries reports earnings of $1.3 mil for FY2024, up 70.5% y-o-y
Cash and cash equivalents increased from $17.9 million as at Dec 31, 2022 to $29.6 million as at Dec 31, 2023.
On acquisitions and realisations of shares, Intraco I06 transferred 19,000 ordinary shares in the capital of Intraco Prime representing 19% to Authentic Coffee Holdings, resulting in the reduction of its shareholdings in Intraco Prime from 70% to 51%.
Shares in Intraco closed 0.25 cents higher, or 9.26% up at 2.95 cents.
