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Meanwhile, revenue in the others segment slumped 48 per cent to S$6.3 million, due to UMS’ weaker material and tooling distribution business, which was affected by the general business slowdown.
The revenue dip was partially offset by a 78 per cent surge in aerospace sales to S$7.4 million.
Nonetheless, the group said it continued to generate positive net cash of S$31.2 million from operating activities, and free cash flow of S$23.8 million in the three months.
It declared a final dividend of S$0.022 per share for FY2023, higher than S$0.02 per share declared for FY2022.
For the full year ended Dec 31, 2023, net profit fell 39 per cent to S$60 million, from S$98.2 million a year earlier.
Revenue for the 12 months slid 19 per cent to S$300 million, from S$372.4 million.
UMS chairman and chief executive Andy Luong said: “The group’s performance reflects the success of our diversification strategy, as the aerospace business continued to report robust growth, moderating the impact of the global semiconductor slowdown.”
The group expects to remain profitable in FY2024.
Shares of UMS ended Wednesday flat at S$1.51, before the results were released.
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