Jadason Enterprises (J03) H2 2023 earnings summary

Executive summary

• FY2023 revenue fell to S$21.9m from S$32.2m; loss after tax widened to S$8.0m from S$6.9m, reflecting weaker PCB demand and one-time drilling-exit charges.

• Strategic focus: progressively cease PCB drilling in China, rationalise costs, preserve liquidity and pursue Southeast Asian markets to diversify revenue.

Financial highlights

• Revenue was S$21.924m vs S$32.151m; gross profit S$0.770m vs S$0.881m; loss before tax S$7.971m vs S$6.939m; net loss S$7.972m vs S$6.946m.

• Basic and diluted loss per share was 1.10 cents vs 0.96 cents; total comprehensive loss was S$8.291m vs S$8.235m.

• Other expenses rose to S$3.495m from S$1.069m, including S$0.905m PPE impairment, S$1.418m right-of-use asset impairment, S$0.451m retrenchment provision and S$0.612m reinstatement provision.

• Administrative expenses declined to S$4.769m from S$6.994m; finance costs declined to S$0.239m from S$0.576m.

Outlook and guidance

• Explore Southeast Asia opportunities to diversify the customer base and reduce reliance on any single region; closely monitor China and adapt strategies as conditions evolve.

• Continue operating-cost rationalisation and seek to maintain sufficient liquidity; no numerical earnings guidance was stated.