Uchi Technologies expects double-digit decline in revenue for FY20 due to pandemic
Published on 26 Mar 2020. | Source: theedgemarkets.com
KUALA LUMPUR (March 26): Uchi Technologies Bhd is expecting to see a double-digit decline in its revenue, in US dollar terms, for the financial year ending Dec 31, 2020 (FY20), as a result of the Covid-19 pandemic.
In a filing with the bourse today, Uchi said that its operations overseas are affected by the outbreak, as governments around the world have taken steps similar to the Movement Control Order in Malaysia.
“As a result, the group expects to have a low double-digit revenue decline (in US dollars) for FY20, in comparison to that of FY19, as our customers have lowered their demands,” it said.
The company said it will continue to monitor the developments surrounding the virus and take appropriate measures to mitigate any upcoming risks, as well as provide updates on any further developments.
“Barring any unforeseen circumstances, the group is confident of remaining profitable for FY20 amid these unprecedented challenges,” said Uchi.
The company posted net profit of RM75.95 million for FY19, up 10% from RM69.01 million a year earlier, while revenue for the year rose 12% to RM156.67 million from RM139.97 million.
Uchi rose two sen or 1% to RM2.02, giving it a market capitalisation of RM911.39 million.
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