Ossia International (O08) H1 2022 earnings summary

Executive summary

• H1 FY2023 revenue rose 58.9% YoY to S$10.40m as easing COVID-19 restrictions supported recovery; net profit was S$3.41m versus S$0.39m.

• Profit included S$3.74m share of associate results; operating loss narrowed to S$0.11m from S$1.15m.

Financial highlights

• Gross profit increased to S$5.31m from S$3.52m; gross margin had no major fluctuation.

• Other operating income fell to S$0.08m from S$0.32m, mainly due to Taiwan COVID-19 relief funds received in the prior period.

• Profit before tax was S$3.61m; income tax expense was S$0.20m and net profit was S$3.41m, versus S$0.39m net profit in H1 FY2022.

• Total comprehensive income was S$2.89m, including S$0.53m other comprehensive loss, versus S$0.35m total comprehensive income a year earlier.

Outlook and guidance

• Results were in line with prior commentary dated 29 May 2022.

• Operations will be aligned with market expectations as economies transition toward the endemic stage; performance may benefit from industry recovery.