PSC Corp has reported earnings of $9.8 million for its 1HFY2023, down 22.8% y-o-y. Revenue in the same period was $238.3 million, down 15.3% y-o-y. Besides lower sales, including its packaging business in China, PSC's net margin was down slightly by 0.4 percentage point to 4.1%.
The company plans to pay an interim dividend of 0.3 cent per share, up from 0.25 cent.
Sam Goi, the company's executive chairman, says that PSC's consumer business in Malaysia enjoyed a steady revenue growth of 20.5%.
While keeping an eye on the challenging environment, PSC's consumer business will continue to build on its brand equity, deepen engagement with customers and explore new product offerings to grow demand and revenue.
"Meanwhile, our packaging business will remain focused on strengthening its core expertise by improving productivity and cost control measures while finding opportunities to diversity its revenue streams," says Goi.
PSC plans to continue to leverage on its existing strengths – such as its large stable of consumer brand assets – to grow the business and build resilience in its core businesses.
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At the same time, it actively explores sustainable growth opportunities.
In its separate announcement, Tat Seng Packaging Group, the subsidiary of PSC Corp, reported lower earnings of $8.4 million, down 22.7% y-o-y. Revenue, meanwhile, was down 28% y-o-y to $126.3 million.
PSC shares last traded at 32 cents; Tat Seng shares last traded at 69 cents.
