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Positive Profit Guidance
Manufacturing Integration Technology Ltd announced that after a preliminary assessment of the unaudited accounts of the Company and its subsidiaries (the "Group") for the half year ended 30 June 2017 (“1H 2017”), the Group has returned to profitability from its loss position in FY 2016. This is in line with the prospect statement in the financial results announcement released on 22 February 2017 whereby the Board had expressed confidence in achieving improved performance in FY 2017. The Group expects sales for 1H 2017 to be in the vicinity of that achieved for the whole of FY 2016.
This significant sales growth and profit turnaround was mainly attributed by the upturn in the global semiconductor industry and impending new mobile handset introductions by industry leaders.
The above guidance is based on a preliminary assessment made by the Company. The Company is in the process of finalising the Group’s unaudited results for 1H 2017 and the final financial results will be announced on or around 4 August 2017.
Specuvestor: Asset - Business - Structure.
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Profit Guidance for 1HFY2018
Manufacturing Integration Technology Ltd provided an update on the Group’s 1HFY2018 financial results.
Based on a preliminary assessment of the Group’s half year performance, the Board advised that the Group is expected to incur a net loss for the half-year ended 30 June 2018. This net loss was attributed to lower semiconductor sales after a banner year in 2017. Contract equipment manufacturing ("CEM") sales were higher but the growth could not make up for the slack in semiconductor sales. Details will be disclosed when the Group reports its 1HFY2018 results on 7 August 2018.
The Company expects revenues for 2HFY2018 to be higher as more equipments are shipped and revenues recognised. The financial performance will be further enhanced if the on-going divestment of the semiconductor equipment business is completed.
Specuvestor: Asset - Business - Structure.