Serial System warns it will report a net loss for FY2023

Serial System shares last traded at 5 cents on Feb 16, down 12.28% for the day

Serial System will report a full-year loss for FY2023 ended Dec, the semiconductor distributor warns on Feb 17.

The company attributes the poor showing to loss allowance for trade receivables, unfavourable forex, allowances for inventory obsolescence and higher interest expenses.

"The weak financial performance is also attributable to the slowdown in consumer and industrial demand in Asia, especially China, amid macro challenges around inflationary pressures, high interest rates, currency volatilities and ongoing geopolitical tensions," says executive chairman Derek Goh in the statement.

For its 1HFY2023 ended June 2023, the company had already reported a loss of $12.7 million, reversing from earnings of $384,000 in the preceding half-year period.

Serial System shares last traded at 5 cents on Feb 16, down 12.28% for the day and down 37.5% in the preceding 12 months.

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