PETALING JAYA: Unisem (M) Bhd , whose net profit slumped by 58% in its latest fourth quarter, flags continued soft demand for its products and services in the ongoing first quarter of financial year 2024 (1Q24).
The chip maker, which serves electronic giants including Apple Inc, however expects its performance to be satisfactory for the rest of the financial year.
In the fourth quarter ended Dec 31, 2023, Unisem’s net profit was down by 58% year-on-year (y-o-y) to RM28.4mil, translating to earnings per share of 1.76 sen.
On the other hand, its revenue was down by 23% y-o-y to RM350.8mil. The decrease in net profit and revenue was primarily attributable to lower sales volume in line with softer market demand.
Despite the poor results, Unisem announced a dividend of two sen for the quarter under review.
For the financial year ended Dec 31, 2023 (FY23), Unisem registered a 79% y-o-y drop in net profit to RM80.2mil, while revenue saw a 19% y-o-y decline to RM1.4bil.
The group said the decrease in FY23 net profit and revenue was due to lower sales volume in line with softer market demand.
It is noteworthy that Unisem’s sales to all three markets, namely, the United States, Europe and Asia declined in FY23.
In a separate filing, Unisem has announced the change in auditors from Deloitte PLT to KPMG PLT, following a notice from Deloitte on Feb 23, 2024, that it will not be seeking re-appointment as auditors of the company at the coming AGM.