Dye maker Matex International M15 has reported earnings of $9.6 million for the 2HFY2022 ended Dec 31, 2022, up from the loss of $2.7 million for the 2HFY2021.
This brings its group’s FY2022 earnings to $7.3 million, up from the loss of $4.9 million for the FY2021.
The reversal to profitability was brought about by higher other income, which rose to $12.4 million in the 2HFY2022 from $173,000, and US$12.5 million in the FY2022 from $334,000 in the FY2021. The surge in other income was mainly due to the gain from the completion of the disposal of the group’s subsidiaries, Matex Chemicals (MCT) and Amly Chemicals (ACL), in 2HFY2022.
FY2022 revenue fell by 30.3% y-o-y to $14.6 million as all segments fell on a y-o-y basis. According to the group, the lower revenue was mainly due to the continued impact of the Covid-19 pandemic on the textile industry in China and the geopolitical issue in Sri Lanka.
FY2022 gross profit fell by 4.9% y-o-y to $2.5 million although gross profit margin (GPM) grew by 4.6 percentage points to 17.2% mainly due to favourable foreign exchange rates.
Earnings per share (EPS) for FY2022 stood at 2.33 cents on a fully diluted basis.
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Cash and cash equivalents stood at $11.9 million as at Dec 31, 2022.
No dividend was declared for the period.
Shares in Matex closed flat at 2.5 cents on Feb 28.
