ASTI Holdings profit falls 36.5% despite revenue growth

Revenue rose 25.3%, led by the Philippines at $16.6m.

ASTI Holdings Limited reported a net profit attributable to owners of $0.4m in the first half (H1) of 2026, down 36.5% from a year earlier.

Basic and diluted earnings per share fell to 0.06 cents, from 0.11 cents in H1 2025, reflecting the lower profit and enlarged share base following the January 2026 placement.

Revenue rose 25.3% year on year to $21.7m, led by the Philippines, the company’s largest geographical market.

The Philippines contributed 76.3% of the group’s revenue, equivalent to $16.6m, driven by “higher production volumes from key customers during the period.”

Gross profit increased 7.4% to $4.9m, whilst gross profit margin fell to 22.6% from 26.4% due to higher direct factory overheads and increased labour costs, including higher wages legislated by the Government.

Profit before income tax decreased to $0.6m, from $0.9m in H1 2025, whilst cash and cash equivalents rose to $18.8m as at 30 June 2026, from $16.4m a year earlier.

Administrative expenses increased 1.6% to $4.3m, mainly due to higher payroll costs and indirect factory operating costs, partially offset by lower legal and professional fees.

ASTI also recorded other losses of $0.2m in H1, compared with other gains of $0.2m a year earlier, mainly due to unrealised foreign exchange losses arising from the appreciation of the US dollar against the Philippine peso during the period.

The group said it remains upbeat about maintaining its performance trend despite an uncertain global economic environment driven by shifts in trade and tariff policies, foreign exchange movements, and geopolitical developments.

It added that it will continue to manage its operations prudently, adapt to changing market conditions, and monitor industry trends, whilst exploring new business opportunities and strategic initiatives.

“By expanding our service offerings across our operations in the Philippines, Malaysia, and the UK and focusing more on research and development, we are building a more competitive and resilient platform,” said Eddie Ng Yew Nam, Executive Chairman and CEO of ASTI.

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