Manufacturing Integration Technology guides for net loss in 1HFY2024

The company will release its results on or before Aug 14.

Manufacturing Integration Technology is guiding for a net loss in the 1HFY2024 ended June 30. The loss is mainly due to the lower revenue from the customised automation and build-to-print business during the period.

“The slow economy has led to weak consumer sentiment towards large expenditure such as capital goods,” says the company in its July 31 statement.

In addition, the company’s key contract electronics manufacturer (CEM) in MITL-Shanghai was acquired by any company which has an inhouse sourcing supply-chain model. As such, the company completed the transfer to its customer’s site in the third quarter of 2023. It has also subsequently restructured the MITL-Shanghai into a sales & service support entity.

The company will release its results on or before Aug 14.

Shares in Manufacturing Integration Technology M11 closed flat at 1.5 cents on July 31.

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