Sunday 03 Nov 2024
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KUALA LUMPUR (Feb 23): Semiconductor equipment maker Mi Technovation Bhd said fourth quarter net profit declined 30.36% to RM11.92 million, from RM 17.11 million a year earlier, mainly on lower utilisation rate.

Revenue for the quarter ended Dec 31, 2023 (4QFY2023) slipped 17.53% to RM96.62 million from RM117.15 million previously, according to the group’s bourse filing on Friday.

The semiconductor equipment business unit’s revenue contracted 31.6% year-on-year on lower machine deliveries to China, while contribution from the semiconductor material business unit fell a marginal 1.7%, the group said.

Mi Technovation declared a second interim dividend of two sen per share, payable on March 25.

For the full-year of FY2023, the group said its net profit dropped 19.83% to RM55.2 million from RM68.86 million in FY2022, as its margins were compressed by “huge foreign exchange” losses, as the US dollar weakened in end-December.

“This impact is partly weathered by the share of profit from an investment in an associated company, namely Talentek Microelectronics (Hefei) Ltd,” it added.

Full-year revenue slipped 8.61% to RM355.96 million, from RM389.48 million previously.  

Looking to FY2024, Mi Technovation said the group is positive on the semiconductor equipment business unit’s revenue contribution, as it continues its diversification path, coupled with the recovering economy during the year.

“Our various product series with leading technology in AI-enabled features are gaining more traction and well aligned with market demand,” it added.

The group is also positive about its semiconductor material business unit, with the semiconductor industry’s overall optimistic outlook.

“Barring any unforeseen circumstances, Mi Technovation remain optimistic about the group’s prospects for FY2024 and beyond,” it said.

Shares in Mi Technovation ended three sen or 1.45% lower at RM2.04 on Friday, valuing the group at RM1.84 billion.

Edited ByS Kanagaraju
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