AEM’s net profit crashes 33.4% to $52.995m in 9M2021

The company also saw a double-digit decline in its revenue.

The net profit of AEM Holdings Ltd. fell 33.4% to $52.995m in the first nine months of 2021 (9M2021) from $79.624m in the same period last year.

The company also saw a double-digit decline in revenues in 9M2021, slipping 22.3% to $338.46m from $435.52m from 9M2021.

On the other hand, the company saw increases in its balance sheet, with its cash and cash equivalents increasing by 51.4% to $204.1m by the end of September 2021; total assets leaping by 90.9% to $640.5m; and net asset value per share soaring by 55.5% to 119.3 Singapore cents.

Despite declines in its net income and revenue, the company's outlook remained optimistic.

AEM said it expects better performance in the second half of 2022 and beyond as it made "progress in its technical engagements with 10 out of the top 20 semiconductor companies."

The company, citing data from VLSI Research, said System Level Testing is also expected to grow 4.4x “faster than wafer sort and functional test in 2020-2024.”

"The Group sees the impact of this in the increased orders for 2H2021 and the strong adoption of its new platforms expected in FY2022," AEM stated.

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