Intraco (I06) H1 2023 earnings summary

Executive summary

• H1 FY2023 returned to profit of S$391k from a S$995k loss YoY; lower operating costs and stronger finance income offset a 25.2% revenue decline.

• Total comprehensive income was S$406k versus a S$742k loss YoY.

Financial highlights

• Revenue fell 25.2% to S$78.659m; gross profit rose 1.2% to S$4.352m despite lower sales.

• Operating loss narrowed to S$37k from S$1.177m; net finance income increased to S$421k from S$71k.

• Profit before tax was S$384k versus a S$1.001m loss; net profit was S$391k, with S$369k attributable to equity holders.

• Finance income of S$799k was partly offset by finance costs of S$378k; other expenses declined to S$13k from S$715k.

Outlook and guidance

• H1 unaudited results were in line with the profit guidance announced on 20 July 2023.

• Fire protection order book was S$5.2m at 30 June 2023, with approximately half expected to be completed in H2 FY2023.

• Trading and distribution plans to expand its product range and customer base in Indonesia and Vietnam; digital-assets operations aim to build tokenisation capabilities and pursue corporate issuance opportunities.