Kobay Technology Berhad announced its third quarter and nine months financial results posting revenue of RM245.2 million, which is a marginal decline of 5.3% year-on-year from RM259.0 million achieved in 9MFY22.
The group said the slowdown in the semiconductor and electrical and electronic products industries affected its earnings but the impact was partially negated by improved contribution from its investment division, which registered a revenue increase of 119.3% YoY to RM31.1 million on the back of market recovery.
In terms of bottom-line performance, Kobay’s 9MFY23 profit after tax and non-controlling interest stood at RM27.5 million versus RM39.3 million in the previous year due to the overall weak demand from the semiconductor and E&E sectors, changes in product sales mix along with the set-up cost for its two new manufacturing plant.
Commenting on the result Managing Director and Chief Executive Officer of Kobay, Dato’ Seri Koay Hean Eng said, “Kobay is not spared from the impact of the softer demand from the semiconductor and E&E industries. However, our prior investments into property development as well as pharmaceutical and healthcare businesses have provided us a more diversified earnings base, enabling us to partially offset and better withstand the slowdown.”
The Group’s 3QFY23 revenue and net profit stood lower on a YoY basis at RM73.6 million and RM7.9 million versus RM100.1 million and RM15.1 million respectively in the previous year corresponding quarter. KObay said this was due to softer performance from the manufacturing division predominantly owing to weaker demand and changes in sales mix, along with setup cost for its new plant.
