PETALING JAYA: Main Market-listed leading engineering solutions provider, Kobay Technology Bhd, today announced its third quarter (3QFY23) and nine months financial results for the period ended 31 March 2023 (9MFY23).
For the current period under review, Kobay posted a revenue of RM245.2 million, a marginal decline of 5.3% year-on-year (YoY) from RM259.0 million achieved in 9MFY22.
The company attributed the decline to a slowdown in the semiconductor and electrical and electronic products (E&E) industries that affected the Group’s earnings. The impact was partially negated by improved contribution from its investment division, which registered a revenue increase of 119.3% YoY to RM31.1 million on the back of market recovery.
Meanwhile, Kobay’s 9MFY23 profit after tax and non-controlling interest (net profit) stood at RM27.5 million versus RM39.3 million in the previous year due to the overall weak demand from the semiconductor and E&E sectors, changes in product sales mix along with the setup cost for its two new manufacturing plant.
Managing director and CEO, Datuk Seri Koay Hean said in a press statement that Kobay was affected by the slowdown in the semiconductor and E&E business.
“We are heartened by the results posted by the Group, which we consider to be satisfactory especially taking into account the highly taxing business environment. Kobay is not spared from the impact of the softer demand from the semiconductor and E&E industries. However, our prior investments into property development as well as pharmaceutical and healthcare businesses have provided us a more diversified earnings base, enabling us to partially offset and better withstand the slowdown,” said Koay.
The Group’s 3QFY23 revenue and net profit stood lower on a YoY basis at RM73.6 million and RM7.9 million versus RM100.1 million and RM15.1 million respectively in the previous year corresponding quarter. This was due to softer performance from the manufacturing division predominantly owing to weaker demand and changes in sales mix, along with setup cost for its new plant.
