- Aztech (SGX:8AZ) reported a 41.2% plunge in 3Q24 revenue to S$166.7mil while net profit tumbled 55.7% y-o-y to S$13.7mil, despite a seasonally strong quarter. On a q-o-q basis, revenue and net profit were down 31.8% and 55.5% respectively.
Disappointing 3Q24, due to weak demand from key customer.
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- For the 9-month period, Aztech's net profit declined 18.2% y-o-y to S$60.4mil, on the back of a 19.7% decline in revenue to S$539.9m.
- Aztech's 9M24 revenue accounted for 58% of our forecast while net profit only made up 52%, way below our and consensus expectations.
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Strong net cash position.
- Despite the weak results, Aztech continued to generate strong net cash from operating activities with improved working capital. Net cash from operating activities increased by 83.1% y-o-y to S$89.9mil for 9M24.
- Net cash position increased by 25.2% y-o-y to S$269.8mil as at 30 Sep 24.
Expanding new product initiatives, exploring M&A opportunities.
- Read more at SGinvestors.io.
