CFM Holdings 5EB -3.88%   has reported earnings of $9.4 million for the 1HFY2023 ended Dec 31, 2022, 31.7 times higher than the earnings of $296,000 in the same period the year before.

 

The growth was due to the surge in other income, which stood at $8.4 million, up from the $320,000 in the same period the year before.

 

Other income surged mainly due to the disposal of non-current asset held for sale of $8.13 million. This was offset by a drop in rental income of $33,000 and a miscellaneous income of $40,000.

 

Revenue for the period grew by 14.6% y-o-y to $14.1 million due to a ramp up in orders from the group&rsquo s metal stamping segment. The increase in unit price to its customers and favourable exchange rate also led to the growth.

 

Gross profit grew by 36.9% y-o-y to $3.9 million mainly due to the higher revenue. Gross profit margin (GPM) grew by 4.46 percentage points y-o-y to 27.28% in 1HFY2023 as the metal stamping segment generated a higher margin.

 

Cash and cash equivalents for the period stood at $13.0 million.

 

Earnings per share (EPS) stood at 4.66 cents on a diluted basis.

 

No dividend was declared.