UMS (SGX:558) reported 2Q24 revenue of S$56.0mil. The semiconductor segment, which accounts for 84% of the total, experienced a 29% y-o-y decline in sales due to weakened global chip demand, below expectations.
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The Aerospace segment continued its positive trajectory, showing a 5% increase driven by the ongoing recovery of the aerospace industry.
2Q24 revenue declined 25% y-o-y, but improved 3.6% q-o-q.
On a sequential basis, total revenue was up 3.6% q-o-q on the back of higher sales across all its core business segments, including semiconductor and aerospace divisions. The semiconductor segment edged up 1%, driven mainly by higher component sales due to increased orders from its new major customer in Malaysia.
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Geographically, Malaysia is the only region that saw an improvement in sales vs last year, mainly due to higher component sales to its new customer.
Net margin of 16.7% for 2Q24 slightly weaker than 1Q24 despite gross margin improvement.
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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