Powermatic Data (SGX:BCY) just released their long awaited full year results after a 2-month time extension filed with SGX RegCo.
Since Feb 2020, the Group released updates on their operations in Suzhou. In a nutshell, operations were halted on 3 Feb 2020 due to mandatory closure under the directive of the local government and has resumed operations at normal capacity since 11 March 2020. However, the group is facing component shortage and supply chain disruptions and expects it to have an impact on the current year results.
It is evident that they have performed poorly in 2H20. Sales fell 39% comparatively to 2H19 due to the reasons stated above. To be honest, I am not surprised by the result.
The good news is that they still managed a 4% yoy growth in revenue and 25% increase in net profit. EPS grew from 20.01 cents to 24.99 cents per share.
Property Plant and Equipment (PPE) increased by about S$2mil due to their