Yahoo Finance Nanofilm’s FY2023 earnings plunge by 92.8% y-o-y to $3.1 mil on lower revenue
A final dividend of 0.33 cents per share was declared, to be paid on May 20.
Nanofilm Technologies has reported earnings of $3.1 million for the FY2023 ended Dec 31, 2023, 92.8% lower than its earnings of $43.8 million in the FY2022.
Earnings for the 2HFY2023 fell by 56.9% y-o-y to $10.8 million from $25.0 million previously.
According to Nanofilm, the second half of the year saw a recovery in its business performance as the pathway to revenue recovery and ongoing cost optimisation were gaining momentum.
“Despite the tough environment last year, our business has remained profitable with positive operating cashflow,” says the company in its Feb 26 statement.
For the full year, however, revenue fell by 25.4% y-o-y to $177.0 million as all segments – except sydrogen – fell.
Revenue from advanced materials fell by 24.4% y-o-y to $141.5 million due to lower revenue contributions from 3C product sub-segments, and partially offset by the increase in automotive product sub-segments. 3C refers to computers, communications and consumer electronics.
Revenue from industrial equipment fell by 40.5% y-o-y to $18.4 million due to lower sales of industrial equipment to third party customers.
Revenue from nanofabrication fell by 16.0% y-o-y to $16.0 million from lower sales in the consumer electronics sectors.
Revenue from sydrogen surged by 418.7% y-o-y to $1.1 million mainly due to the production ramp-up from new projects.
Gross profit for the year fell by 41.1% y-o-y to $65.6 million while gross profit margin (GPM) fell by 9.9 percentage points y-o-y to 37.0% mainly due to the higher cost of materials.
As at Dec 31, 2023, cash and cash equivalents stood at $155.2 million.
A final dividend of 0.33 cents per share was declared for the period, bringing the company’s total dividend for the full year to 6.6 cents per share. The final dividend will be paid on May 20.
Looking ahead, Nanofilm expects to see higher revenues and profits in the FY2024 should all things remain unchanged.
“The combination of cost optimisation and strategic commercial initiatives are expected to progressively contribute to the group’s financial performance in FY2024,” it says.
Shares in Nanofilm closed 1.5 cents higher or 2.08% up at 73.5 cents on Feb 26.
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