JF Technology Berhad announced its second-quarter and first-half financial results recording revenue of RM22.5 million for 1HFY23, which was slightly lower than the RM23 million posted a year ago. This it said was predominantly owing to the slowdown in the semiconductor industry, particularly the consumer electronics segment.
However, JF Tech managed to offset this from the growing contribution from its test interface products business and manufacturing facility in Kunshan, China.
Meanwhile, the Group’s 1HFY23 profit after tax and non-controlling interest stood at RM7.3 million as compared to RM10.6 million in the previous year corresponding period due to changes in product mix. Essentially, there was higher contributions from test interface products division and manufacturing in China and these businesses are still gradually gaining traction.
The Group’s long-term outlook remains promising premised upon its highly sustainable and resilient business model and growth drivers. Simultaneously, the Group said it is also mindful of the challenges ahead and will continue to undertake a prudent approach.
For the current quarter under review, the Group registered a revenue of RM11 million versus RM11.7 million in the previous year, largely a result of the aforementioned factors. On the other hand, the Group’s 2QFY23 profit before tax improved 4.6% year-on-year to RM2.7 million from RM2.6 million in the previous year corresponding quarter driven by higher operational efficiency achieved for its test interface products division and China facility. 2QFY23 net profit, however, was lower at RM2.9 million as compared to RM5.5 million a year ago. This was mainly attributed to the positive tax charge recognized earlier in 2QFY22 arising from reversal of prior tax provision.
The Board has declared an interim dividend of 0.5 sen per share for the quarter under review.
