Casa Holdings (C04) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 8.2% YoY to $23.459m; net profit increased 22.6% to $1.719m despite higher operating costs.

• Profit attributable to shareholders was $2.024m; currency translation losses weighed on comprehensive income and NAV per share.

Financial highlights

• Gross profit was $10.281m, up from $9.578m YoY; selling and distribution expenses rose to $3.662m and administrative expenses to $7.736m.

• Share of profit from Fiamma increased to $2.779m from $1.729m; currency translation loss was $1.461m versus $1.737m.

• Cash and cash equivalents fell to $2.989m from $3.612m; inventories increased to $7.884m from $6.199m, partly reflecting new brands and product ranges.

• Net cash used in operating activities was $223k; net cash decreased $632k, versus a $2.060m decrease in FY2022.

Outlook and guidance

• Priorities include streamlining operations, building brand awareness, improving customer service and developing new revenue streams to improve profitability.

• Malaysia real estate showed encouraging signs of recovery; opportunities to develop existing land in Malaysia are being explored.

• FY2024 sustainability target: improve energy consumption and water usage intensity by 2%–5%; maintain GHG emission intensity.