Jeffrey Tan Published on Fri, Jul 30, 2021
Aztech Global’s earnings more than doubled to $29.4 million in 1HFY2021 ended June 30, from $13 million a year ago.
The electronics manufacturer’s revenue almost doubled to $249.7 million from $129.1 million a year ago.
The higher revenue was driven mainly by higher sales volume of IoT devices and data-communication products, owing to increased demand from customers, the company says.
As at June 30, Aztech’s order book stood at $530.4 million.
The company has since received additional orders of $74 million as at July 30.
According to Aztech, the expansion works of its facility in Malaysia to 86,000 sq ft has been completed according to schedule.
However, the facility is subject to a limit of 60% of total workforce since June this year following resurgence of COVID-19 infection in the country.
As a result, the transfer of the company’s production to Malaysia from China was delayed with the China facilities continuing to account for the bulk of the manufacturing activities during 1H 2021.
Aztech says it will continue to prioritise the safety and well-being of its employees.
Looking ahead, the company says the global shortage of components is unlikely to abate in the next six to 12 months.
The company adds that it will continue to collaborate with its suppliers, customers and relevant stakeholders to secure key components in the production to meet demand.
“In spite of the challenges, the group remains committed to growing its footprint in tandem with the growth in the IoT and data-communication space,” Michael Mun, chairman and CEO of Aztech, says in a July 30 statement.
On July 30, Aztech ended up 1 cent or 0.8% at $1.27 with 2.3 million shares changed hands.