Frencken Group’s profit down 17.3% in H1 22
It posted $26m earnings in the first half of 2022.
Frencken Group Limited recorded $26m earnings, down 17.3% year-on-year (YoY) in the first half (H1) of 2022 compared to $31m reported a year ago.
In a statement, the group’s revenue grew 3.6% from $375b in H1 2021 to $388b in H1 2022. Under the revenue, its mechatronics division went up 6.2% to $340.3m in H1 2022 from $320.4m in H1 2021.
Sales of the semiconductor segment went up 8.5% YoY to $152.8m in H1 2022. Its increase was driven by higher orders for front-end semiconductor equipment from customers in Europe and Asia.
Its medical segment went down 6.8% YoY to $60.8m in H1 2022 because of decelerated sales to customers in Europe.
The group’s finance costs went up 39.8% to $1.5m in H1 2022 from $1m in the same period last year following higher trade financing and interest on lease liabilities.
The gross profit declined 7% YoY to $60.8m in H1 2022 whilst gross profit margin eased to 15.6% in H1 2022 from 17.4% in the same period last year “due to variation in sales mix and inflationary cost pressures.”