ISOTeam (5WF) H1 2022 earnings summary

Executive summary

• 1HFY2022 revenue rose 22.7% YoY to S$45.0m; net loss attributable to equity holders narrowed to S$3.4m from S$6.0m.

• Operations remained pressured by higher costs and pandemic-related constraints, while the S$152.7m order book at 31 Dec 2021 was expected to support activity until FY2024.

Financial highlights

• Revenue increased 22.7% YoY to S$45.0m; gross profit was S$3.2m versus S$0.2m in 1HFY2021.

• Loss before tax narrowed to S$3.8m from S$6.8m; net loss was S$3.9m versus S$6.5m, and attributable loss was S$3.4m versus S$6.0m.

• Other income fell 75.1%, or S$3.4m, to S$1.2m, reflecting a one-off property disposal gain in 1HFY2021 and lower government support.

Outlook and guidance

• The S$152.7m order book as at 31 Dec 2021 was expected to support activities until FY2024; tendering for additional projects continued.

• Operating conditions were expected to remain challenging while raw material costs were high and Covid-19 restrictions constrained manpower; foreign worker inflows were expected to rise steadily.

• Cash conservation and cost controls were priorities over the next 12 months.