DNeX Sees Profit Plummet In Q3 To A Loss Of RM239 Million

DNex’s Revenue for the quarter under review stood at RM276.7 million, which was lower compared with the RM382.6 million it achieved in the same quarter last year. Profit for the period plummeted staggeringly to -RM238,766 million compared to RM51.59 million generated the previous corresponding year quarter.

Executive Chairman of DNeX, Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said, “While our subsidiary Ping Petroleum Limited in our Energy segment delivered a solid performance, it was subsequently burdened with non-cash deferred tax liability expenses arising from the EPL. Nevertheless, this is expected to be gradually and completely reversed during the EPL regime period, which ends on 31 March 2028.”

“All our divisions are in a good place and we are starting to see early signs of recovery and demand uptick within the semiconductor industry. With the completion of the capacity expansion, we will enhance the production of emerging technologies to improve average selling prices and profitability. Our focus remains on enhancing manufacturing efficiency and cost-effectiveness by streamlining our customer base, concentrating on those who require large volumes.”

For the nine-month period ended 31 March 2023 (“9M FY2023”), revenue stood at RM1.027 billion, slightly higher than RM1.007 billion in the corresponding period of the previous year . In 9M FY2023, DNeX recorded a “normalised” net profit of RM91.4 million, after adjusting for the one-off non-operational adjustments incurred in 3Q FY2023.

The Group generated a net cash flow from operating activities of RM182.8 million in 9M FY2023. It remains in a positive net cash position with total cash of RM824.0 million exceeding total borrowings of RM282.1 million as at 31 March 2023.

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