Inari recorded revenue of RM377 million for the current quarter, representing a decrease of 12.6% compared to the same quarter in the previous year RM431.1 million. The decrease it said was mainly due to comparatively lower loading volume in the current quarter.
Profit after tax was RM106.4 million a marginal decrease of 0.5% from RM106.9 million recorded in the corresponding quarter in the previous financial year, mainly due to lower revenue offset by favourable movement in forex exchange.
In comparison with the immediate preceding quarter the group’s revenue increased by 12.1% to RM377.0 million in the current quarter from RM336.2 million in the immediate preceding quarter. The increase was mainly due to comparatively higher revenue growth in all business segments.
Profit after tax of RM106.4 million for the current quarter, an increase of 23.7% from RM86.0 million recorded in the immediate preceding quarter was primarily due to higher revenue growth, favourable movement in forex exchange, and lower provision of deferred taxation.
In view of global economic uncertainties arising from inflation, conflicts, and supply chain disruption due to Covid lockdowns, the Group said it is cautious about growth in recurring radio frequency and optoelectronics business for the rest of FY2023. Meanwhile, the Group is working on new opportunities coming onshore into Malaysia’s OSAT ecosystem at the same time while bringing up its new China JV site in Yiwu to begin manufacturing during the second half of FY2024. Inari also expects to continue benefitting from the strong USD for FY2023.