Inari earn­ings hit by higher in­come tax on sub­sidiary

The Star Malaysia - StarBiz - - News -

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.

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