Inari earnings hit by higher income tax on subsidiary


For the full year, Inari

PETALING JAYA: Semiconductor giant Inari Amertron Bhd’s net profit dropped 12.86% to RM57.1mil for the fourth quarter ended June 30.

The lower earnings were due to an increase in effective income tax rates for the group’s largest operating subsidiary, Inari Technology Sdn Bhd.

Thus, earnings per share dropped to 1.8 sen from 2.17 sen in the same quarter of the previous year.

Revenue was also down 12.96% to RM301.16mil due to reduced volume loading.

Inari has declared a fourth interim dividend of 1.6 sen and a special single-tier dividend of 0.4 sen for the period. Thus, total dividends for the quarter are two sen, compared with 2.8 sen in the same quarter of the previous year.

For the full year, Inari’s net profit was up 9.44% to RM249.27mil on the back of a 16.94% increase in revenue to RM1.38bil.

The better profits were mainly attributable to an increase in demand of factory output and changes in product mix as well as a gain on the disposal of assets, despite a higher depreciation cost and taxation.

Total dividends given out for the full year are 8.4 sen compared with 9.8 sen previously.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Business , Inari , Ametron , semiconductor , income tax , subsidiary , Inari ,

   

Next In Business News

Ringgit ends lower versus greenback on external pressure
Bursa Malaysia targets 39 IPO listings in 2023 with RM10bil market capitalisation
Pavilion REIT 4Q net profit surges to RM216.4mil
Nova MSC collaborates with Theta on marketing and promotion of healthcare solutions
Cypark unaware of reason for UMA
Pasukhas wins RM21mil contract in Johor
LCT braces for challenging outlook
Boustead Plantations directors resign to pursue other interests
Public Mutual declares RM55mil distributions for 9 funds
FBM KLCI slumps to 3-week low

Others Also Read