$AEM SGD (AWX.SG)$ AEM's 1HFY2024 ended Jun earnings plunged...

AEM's 1HFY2024 ended Jun earnings plunged 96% y-o-y to $822,000 from the 1HFY2023's $19.7 million.

Earnings per share (EPS) from the period was similarly slashed 95% y-o-y to 0.29 cents, from 1HFY2023's 6.33 cents.

Meanwhile, revenue in the 1HFY2024 dropped to $173.6 million from the previous $275.2 million, a 37% y-o-y decrease.

Gross profit from the period also fell 48% y-o-y to $43.4 million from 1HFY2023's $83.0 million.

No dividend was declared for the period.

The group attributes its lower revenue primarily due to weaker demand from its key semiconductor customer, as well as the disposal of an associate, recorded under other expenses at $2.3 million.

For the 2HFY2024, AEM forecasts revenue to be in the range of $160 million to $180 million, while q-o-q revenue growth is anticipated in the 4QFY2024 thanks to business growth from its new customer.