ISOTeam 5WF has reported earnings of $1.4 million for the 1HFY2024 ended Dec 31, 2023, a 34% increase compared to its earnings of $1.1 million the same period last year.
This translated to earnings per share (EPS) of 0.26 cents, an increase over the 0.21 cents in 1HFY2023.
Revenue during the half-year period also increased 16.5% y-o-y to $62.7 million due to the increase in revenue contributed by all business segments, and partially offset by the decrease in addition and alteration (A&A) and others segments.
Accordingly, gross profit for 1HFY2024 improved 67.0% y-o-y to $8.3 million.
ISOTeam’s profit before tax more than doubled to $1.3 million for the period compared to $582,000 million in 1HFY2023.
As at Dec 31, 2023, cash and cash equivalents stood at $7.1 million.
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Looking ahead, ISOTeam says it is cautiously optimistic about the outlook for its business although it remains mindful of rising manpower and material costs as well as the current high interest rate environment which may impact costs of borrowing.
Anthony Koh, executive director and CEO, says: “Our renewed focus on our core repairs and redecoration (R&R) and A&A competencies, which traditionally contributed more than 90.0% to our annual revenue, enabled us to fully deploy our resources and energies to pursue potential construction-related projects.”
“We are very encouraged that our efforts yielded more projects which lifted our order book to $182.4 million as at Dec 31, 2023. These projects, which command higher margins, are expected to support our activities until June 30, 2025. With our net attributable profit for the first six months of FY2024 already level with the entire 12 months of FY2023, we are optimistic that we will end FY2024 on a very positive note,” he adds.
Shares in ISOTeam closed unchanged at 3.8 cents on Feb 7.
