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Micro-Mechanics reports 2QFY2022 earnings of $4.56 mil, up 2.3% y-o-y

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The company is maintaining an interim dividend of 6 cents per share

Micro-Mechanics has reported revenue of $20.4 million for its 2QFY2022 ended Dec 2021, up 8.7% y-o-y. However, because of higher costs, the company’s earnings was up by 2.3% y-o-y to $4.56 million.

For the six months ended Dec 2021, revenue was up 10.7% y-o-y to $40.8 million whereas earnings was up 4.6% y-o-y to $9.5 million in the same period.

Chris Borch, CEO of Micro-Mechanics says the pandemic has presented a number of significant challenges to the company.

“There are also a host of other economic and political concerns that go beyond the pandemic, ranging from USA-China trade friction, spiking energy costs and rapidly rising costs for materials, shipping and labour. In spite of these ongoing challenges, the group still delivered profitable growth in 1H22,” he adds.

The company plans to pay an interim dividend of 6 cents per share, which is equivalent to 88% of its earnings per share of 6.85 cents in 1HFY2022. This time last year, it paid the same amount.

Micro-Mechanics last traded at $3.32.

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