Inari posts lower net profit of RM84.98mil in 1Q24

KUALA LUMPUR: Inari Amertron Bhd recorded a lower net profit of RM84.98 million in the first quarter ended Sept 30, 2023 (1Q FY2024) from RM106.25 million in 1Q FY2023 dragged down by unfavourable currency movement and increase in electricity rates.

Revenue, however, was higher at RM383.93 million from RM377 million amid a higher revenue growth in the radio frequency (RF) business segment, it said in a filing to Bursa Malaysia today.

The directors have proposed a first single-tier interim dividend of 2.2 sen per share payable on Jan 5, 2024.

Looking ahead, the group said it will strengthen its operational efficiencies to grow revenue consistent with or better than industry forecasts in 2024.

Thus far in 2023, it has performed better than industry forecasts.

Gartner published in its 3Q forecast update that global semiconductor revenue is projected to decline 10.9 per cent in 2023 and grow by 16.8 per cent in 2024 to reach US$624.4 billion (US$1=RM4.68) as demand rebounds.

Meanwhile, International Data Corporation in August forecasted worldwide smartphone shipments to decline 4.7 per cent in 2023 to 1.15 billion units and recover in 2024 with 4.5 per cent year-over-year growth. - Bernama