Apple reports 2023Q1 results, Cook says supply problems resolved

February 15, 2023
HONG KONG, Feb 14, 2023 - (ACN Newswire via SEAPRWire.com) - Earlier this month, Apple Inc. (AAPL) released earnings for first quarter that decreased from the same period last year and missed Wall Street expectations driven by a combination of a stronger US dollar, global economic malaise, and more strife at its China factories. The Revenue for the quarter fell 5.49% to US$117.15 billion from US$123.95 billion last year, earnings US$1.88 per share, below the US$1.94 expected by market analysts. Although this is the first revenue decline since 2019, there are also bright spots in Apple's financial results. On a geographic basis, the revenue in Greater China increased 54.5% from the same period last year to US$23.905 billion, due to the strong sales of new models launched in late September. Apple was the only major smartphone vendor to record month-to-month growth in October, accounting for 25% of the Chinese market, according to Counterpoint Research. With the end of zero-COVID policy, China's consumer confidence is gradually recovering.It was reported that Apple sold 26.09 million units of the iPhone 14 series in the first two months after its release. Most of the smartphones are produced in Foxconn's Zhengzhou factory, Shenzhen factory, Luxshare's Kunshan factory and Pegatron's Shanghai factory. Financial Times reported last month that Luxshare was set to secure Apple's first large order for the high-end iPhone, according to people familiar with the matter. In addition, Luxshare has already been producing small amounts of the iPhone 14 Pro Max since November 2022.Apple supplier Luxshare Precision released its preliminary 2022 annual results in October last year, noting that its net profit is expected to reach RMB9.55 to RMB9.89 billion, increasing 35%-40% yoy; the net profit attributable to shareholders of the listed company after the one-off gain amounted is expected to reach RMB9.13-9.61 billion, growing 53.26%-59.80% yoy.Luxshare Precision's nearly RMB10 billion profit reflects its excellent precision manufacturing capabilities, and considerable insight and forward-looking business presence. It has extended metaverse (AR, VR, and MR), automotive, and communications segments, besides consumer electronics. Another Apple supplier, Shenzhen Everwin Precision Technology, also released its preliminary 2022 annual results last month, expecting its net profit in 2022 to turn a year-on-year profit. Everwin denoted that its new energy segment has grown rapidly and has become a critical point of growth. In addition, more and more Chinese Apple suppliers are seeking diversified development, such as Goertek's VR segment and Wingtech Technology's semiconductor segment.Apple CEO Tim Cook said it has resolved many of those supply problems for now and that there are currently 2 billion active Apple devices in users' hands worldwide. "We believe the long-term positives outweigh the short-term negatives," Morgan Stanley's Erik Woodring thought.Looking forward, CICC issued a research report stating that recovery will become the theme of the consumer electronics industry. It is also believed that those consumer electronics companies will recover rapidly and regain their high-speed growth in 2023 because of global economic recovery and their diversification strategies. Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
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Apple reports 2023Q1 results, Cook says supply problems has resolved

February 14, 2023
HONG KONG, Feb 14, 2023 - (ACN Newswire via SEAPRWire.com) - Earlier this month, Apple Inc. (AAPL) released earnings for first quarter that decreased from the same period last year and missed Wall Street expectations driven by a combination of a stronger US dollar, global economic malaise, and more strife at its China factories. The Revenue for the quarter fell 5.49% to US$117.15 billion from US$123.95 billion last year, earnings US$1.88 per share, below the US$1.94 expected by market analysts. Although this is the first revenue decline since 2019, there are also bright spots in Apple's financial results. On a geographic basis, the revenue in Greater China increased 54.5% from the same period last year to US$23.905 billion, due to the strong sales of new models launched in late September. Apple was the only major smartphone vendor to record month-to-month growth in October, accounting for 25% of the Chinese market, according to Counterpoint Research. With the end of zero-COVID policy, China's consumer confidence is gradually recovering.It was reported that Apple sold 26.09 million units of the iPhone 14 series in the first two months after its release. Most of the smartphones are produced in Foxconn's Zhengzhou factory, Shenzhen factory, Luxshare's Kunshan factory and Pegatron's Shanghai factory. Financial Times reported last month that Luxshare was set to secure Apple's first large order for the high-end iPhone, according to people familiar with the matter. In addition, Luxshare has already been producing small amounts of the iPhone 14 Pro Max since November 2022.Apple supplier Luxshare Precision released its preliminary 2022 annual results in October last year, noting that its net profit is expected to reach RMB9.55 to RMB9.89 billion, increasing 35%-40% yoy; the net profit attributable to shareholders of the listed company after the one-off gain amounted is expected to reach RMB9.13-9.61 billion, growing 53.26%-59.80% yoy.Luxshare Precision's nearly RMB10 billion profit reflects its excellent precision manufacturing capabilities, and considerable insight and forward-looking business presence. It has extended metaverse (AR, VR, and MR), automotive, and communications segments, besides consumer electronics. Another Apple supplier, Shenzhen Everwin Precision Technology, also released its preliminary 2022 annual results last month, expecting its net profit in 2022 to turn a year-on-year profit. Everwin denoted that its new energy segment has grown rapidly and has become a critical point of growth. In addition, more and more Chinese Apple suppliers are seeking diversified development, such as Goertek's VR segment and Wingtech Technology's semiconductor segment.Apple CEO Tim Cook said it has resolved many of those supply problems for now and that there are currently 2 billion active Apple devices in users' hands worldwide. "We believe the long-term positives outweigh the short-term negatives," Morgan Stanley's Erik Woodring thought.Looking forward, CICC issued a research report stating that recovery will become the theme of the consumer electronics industry. It is also believed that those consumer electronics companies will recover rapidly and regain their high-speed growth in 2023 because of global economic recovery and their diversification strategies. Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
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Mitsubishi Heavy Industries Achieves YoY Increases in Order Intake, Revenue, Business Profit, and Net Income in Third Quarter JCN Newswire

Mitsubishi Heavy Industries Achieves YoY Increases in Order Intake, Revenue, Business Profit, and Net Income in Third Quarter

February 7, 2023
TOKYO, Feb 7, 2023 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 19.0% year-over-year to YEN2,966.1 billion in the third quarter ended December 31, 2022. Revenue rose 11.1% to YEN2,938.0 billion year-over-year, resulting in business profit of YEN105.2 billion, a 30.3% increase from the previous fiscal year, which represents a profit margin of 3.6%. Net income was YEN66.4 billion, an increase of 32.8% year-over-year, with a profit margin of 2.3%. EBITDA was YEN208.6 billion, a 16.4% increase from FY2021, with a profit margin of 7.1%, up 0.3 percentage points year-over-year.Other highlights included orders and revenue growth in Nuclear Power, Aero Engines, HVAC, and Commercial Aviation. YoY improvements in profitability were mainly seen in Energy Systems and Aircraft, Defense & Space resulting from revenue growth in Nuclear Power and Aero Engines as well as foreign exchange effects combined with fixed cost reductions in Commercial Aviation.　FY2022 Guidance:MHI revised its guidance for the period ending March 31, 2023, with company-wide totals unchanged from the most recent revision made on November 1, 2022, while updating business profit in Energy Systems and Aircraft, Defense & Space.CFO Message:"MHI have had a stable first three quarters this fiscal year," Hisato Kozawa, CFO of MHI commented. "We saw increases in orders and revenue in three out of four reporting segments arising from business expansion and benefits from the depreciation of the yen. Performance was especially strong in GTCC, Nuclear Power, Logistics Systems, and HVAC." Kozawa continued, "That said, we still have our work cut out for ourselves in the fourth quarter as we work to offset profitability issues caused by a variety of factors such as global inflation using all of the tools available to us. Our goal for this fiscal year is to set the stage for a successful FY2023, during which we aim to achieve the targets laid out in our 2021 Medium-Term Business Plan."About MHI GroupMitsubishi Heavy Industries (MHI) Group is one of the world?s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.For more information, visit www.mhi.com/news/23020701.html. Copyright 2023 JCN Newswire. All rights reserved. (via SEAPRWire)
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DENSO Announces Third Quarter Financial Results JCN Newswire

DENSO Announces Third Quarter Financial Results

February 3, 2023
KARIYA, JAPAN, Feb 3, 2023 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today announced global financial results for its third quarter, ending December 31, 2022, for its 2023 fiscal year, ending March 31, 2023:- Consolidated revenue totaled 4,635.7 billion yen (US$34.6 billion), a 15.6 percent increase from the previous year.- Consolidated operating profit totaled 267.9 billion yen (US$2.0 billion), a 4.6 percent increase from the previous year.- Consolidated profit attributable to owners of the parent company totaled 197.8 billion yen(US$1.5 billion), a 2.3 percent increase from the previous year."Revenue in the third quarter increased compared to the previous year due to sales recovery, sales expansion and foreign exchange gains. Operating profit increased compared to the previous year due to sales recovery, exchange gains and profit improvements," said Yasushi Matsui, CFO, senior executive officer and member of the Board of Directors of DENSO Corporation. "We have revised our revenue and operating profit forecasts for the year based on changing foreign exchange preconditions and current vehicle production losses, adjusting our revenue projection to 6,200.0 billion yen (US$46.3 billion) and our operating profit projection to 420.0 billion yen (US$3.1 billion). Challenging external factors, such as increased costs related to inflation, logistics, energy, materials and parts, have led us to pursue profit improvements, and we are working with customers to reflect this impact in sales prices globally."In Japan, revenue increased to 2,691.7 billion yen (US$20.1 billion), up 3.9% from the previous year, and operating profit was 146.7 billion yen (US$1.1 billion), a 1.8% rise from the previous year.In North America, revenue increased to 1,082.2 billion yen (US$8.1 billion), up 28.4% from the previous year, and operating loss was 15.0 billion yen (US$111.7 million). While revenue increased in the region, DENSO's North American operations faced difficult economic conditions, such as increased logistics and energy costs, which contributed to the operating loss. In Europe, revenue increased to 490.7 billion yen (US$3.7 billion), up 20.5% from the previous year, and operating profit was 9.1 billion yen (US$68.1 million), up 173.0% from the previous year.In Asia, revenue increased to 1,469.5 billion yen (US$11.0 billion), up 24.5% from the previous year and operating profit increased to 113.5 billion yen (US$847.6 million), a 8.1% increase from the previous year.In other areas, revenue increased to 76.8 billion yen (US$0.6 billion), up 42.7% from the previous year, and operating profit increased to 15.4 billion yen (US$115.2 million), up 32.3% from the previous year.For more information, visit www.denso.com/global/en/news/newsroom/2023/20230203-g01/. Copyright 2023 JCN Newswire. All rights reserved. (via SEAPRWire)
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SF Intra-City reduced losses by over 50% year-over-year in 2022, Increasing benefits from scale effect ACN Newswire

SF Intra-City reduced losses by over 50% year-over-year in 2022, Increasing benefits from scale effect

January 30, 2023
HONG KONG, Jan 30, 2023 - (ACN Newswire via SEAPRWire.com) - Hangzhou SF Intra-City Industrial Co., Ltd. ("SF Intra-City" or the "Company", together with its subsidiaries the "Group"; stock code: 9699), the largest third-party on-demand delivery service platform in China(1), announced today that the Group expects the consolidated net loss attributable to the owners of the Company for the year ended 31 December 2022 (the "Year") to decrease by more than 50% compared to the corresponding period of the previous year. These results reflect the increasingly apparent benefits of the Group's diversified service landscape and technology-driven efficiency improvements.During the Year, the Group strived to provide high quality, efficient and stable instant fulfilment services, achieving good revenue growth and enhanced economies of scale and network effects thanks to its efforts to build a healthy and robust business structure and its in-depth cultivation of diversified service scenarios such as delivery in a broad range of sectors, including the food and beverage and retail sectors, its expansion in lower-tier cities and personalised services. Furthermore, the significant improvements in the Group's gross profit and gross profit margin for the Year are attributable to differentiated services driving high-value orders, comprehensive planning and scheduling driven by technology to achieve better delivery network efficiency and various measures to continuously refine management and enhance operation quality, which led to improvement in the efficiency of resource allocation and utilisation.SF Intra-City's gross profit has turned positive since FY2021's annual results, and gross profit and net profit improved further in the first half of FY2022, achieving a gross profit of RMB180.2 million and a gross profit margin of 4.0% in the first half of FY2022. In addition, the Group previously entered into a delivery partnership with Douyin Life Service, which is now available on a trial basis in a number of cities. With the accelerated development of Douyin's live e-commerce ecosystem, this segment will contribute considerable incremental order volume to SF Intra-City in the future. As the largest third-party on-demand delivery service platform in China, the Group continues to achieve benefits from the scale effect, and both the fundamentals and the overall trend continue to improve, driving stronger earnings performance.Mr. Sun Haijin, CEO of SF Intra-City said, "Merchants' and users' demand for on-demand delivery has clearly increased over the last year, and the value of third-party on-demand delivery services is being realized. In order to enhance the service experience for our merchants and users, we have further developed and strengthened our technology capabilities, operational infrastructure and business layout over the years, driving high levels of revenue growth and continuous improvements in profitability. Looking ahead, we will continue to broaden our range of service scenarios and industry solutions, optimize our business structure, and enhance our value by creating differentiated service capabilities, so as to ensure a high-quality and stable consumer experience and empower merchants' business operations. We firmly believe in the long-term value of local lifestyle services and on-demand services, and we will strive to achieve profitability and create long-term value for our shareholders."About Hangzhou SF Intra-City Industrial Co., Ltd. (stock code: 9699.HK)SF Intra-City focuses on the emerging opportunities of intra-city on-demand delivery services. Since 2019, SF Intra-City has operated as an independent legal entity to capture the growth opportunities arising from the new consumption trends. SF Intra-City adopts a multi-scenario business model, providing full coverage of delivery scenarios for all types of products and services. The Company's extensive service coverage, ranging from mature scenarios such as food delivery to growth scenarios such as local retail, local e-commerce and local services, has enabled it to respond to the evolving customer needs resulting from the development and upgrade of the local consumer market. For more details, please visit company's website: https://ir.sf-cityrush.com/en/investor-relations/.(1) Ranking is based on independent third-party order volume in China in 2021, according to iResearch. The calculation of order volume takes into account the number of orders sourced independently by the market players, excluding orders from related parties. Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
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Yew Lee Posts RM6.1 Million Revenue in 3Q ACN Newswire

Yew Lee Posts RM6.1 Million Revenue in 3Q

November 30, 2022
KUALA LUMPUR, Nov 30, 2022 - (ACN Newswire via SEAPRWire.com) - Yew Lee Pacific Group Berhad, a manufacturer of industrial brushes as well as trading of industrial hardware and machinery parts, today announced that the Group recorded revenue of RM6.10 million for the third quarter ended 30 September 2022 (3Q FY2022).Managing Director of Yew Lee, Mr. Ang Lee LeongThere are no comparisons on a year-over-year basis as the Group was listed on the ACE Market of Bursa Malaysia Securities Berhad on 7 June 2022.For the quarter under review, Yew Lee reported gross profit of RM2.12 million while registering profit before tax (PBT) of RM0.96 million and profit after tax of RM0.76 million. For the nine-month period ended 30 September 2022 (9M 2022), the Group registered RM24.35 million in revenue while recording a profit before tax of RM0.39 million and a loss after tax of RM0.41 million.Manufacturing activities contributed RM3.84 million to total revenue while trading activities contributed RM2.27 million in 3Q FY2022.Managing Director of Yew Lee, Mr. Ang Lee Leong said, "We continue to sustain and generate profit from our operations. It is worth noting that stripping the one-off listing expenses of RM2.70 million, the Group would have reported a 9M 2022 PBT of RM3.0 million."The Group's immediate plans is to reduce its dependency on the rubber glove industry by seeking opportunities in the semiconductor, timber, glass and agriculture industries. We are encouraged by the political stability from the appointment of a new Prime Minister, and we hope that the new government will be supportive of the economy with sound policies and measures.""Besides diversifying our customer base, which will take time, the Group is also improving its manufacturing efficiency and automating manufacturing processes by acquiring additional automated machinery and equipment to support the long-term growth of the business. We are also expanding the trading of industrial hardware and machinery parts especially in the central and southern regions of Peninsular Malaysia and, expanding to more markets overseas."The Group's overseas markets include Thailand, Vietnam, Indonesia and Taiwan, which contributed about a quarter to total revenue in the financial year ended 31 December 2021.Yew Lee Pacific Group Bhd: 0248 [BURSA: YEWLEE], https://yewlee.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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DENSO Announces Second Quarter Financial Results JCN Newswire

DENSO Announces Second Quarter Financial Results

October 28, 2022
KARIYA, JAPAN, Oct 28, 2022 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today announced its global financial results for its second quarter, ending September 30, 2022, for its 2023 fiscal year, ending March 31, 2023:- Consolidated revenue totaled 3,020.1 billion yen (US$20.9 billion), a 16.9 percent increase from the previous year.- Consolidated operating profit totaled 155.4 billion yen (US$1.1 billion), a 2.5 percent decrease from the previous year.- Consolidated profit attributable to owners of the parent company totaled 105.8 billion yen (US$0.7 billion), a 6.1 percent decrease from the previous year."Revenue in the first half of our fiscal year increased compared to the previous year due to sales recovery, sales expansion and foreign exchange gains. Operating profit slightly decreased compared to the previous year due to challenging business conditions," said Yasushi Matsui, CFO, senior executive officer and member of the Board of Directors of DENSO Corporation. "We have revised our revenue forecast for the full year based on changing foreign exchange preconditions, adjusting our revenue projection to 6,310.0 billion yen (US$43.6 billion), and we have secured our operating profit forecast from the previous announcement for the full year to 480.0 billion yen (US$3.3 billion), based on foreign exchange gains and profit improvements, though deterioration of our region mix has occurred."In Japan, revenue increased to 1,738.9 billion yen (US$12.0 billion), increasing 2.9% from the previous year, and operating profit was 91.0 billion yen (US$628.6 million), a 2.4% increase from the previous year.In North America, revenue increased to 715.0 billion yen (US$4.9 billion), up 26.6% from the previous year, and operating loss was 13.0 billion yen (US$89.6 million) (Operating profit of 2.9 billion yen in the same quarter of the previous year).In Europe, revenue increased to 321.9 billion yen (US$2.2 billion), up 19.4% from the previous year, and operating profit was 3.6 billion yen (US$24.9 million), decreasing 7.0% from the previous year.In Asia, revenue increased to 960.9 billion yen (US$6.6 billion), up 34.3% from the previous year and operating profit increased to 67.4 billion yen (US$465.1 million), a 17.4% increase from the previous year.In other areas, revenue increased to 53.6 billion yen (US$0.4 billion), up 48.6% from the previous year, and operating profit increased to 11.4 billion yen (US$78.7 million), up 42.9% from the previous year.(Notes)The above forecasts are created based on information obtained by the date of this announcement and the actual results may differ due to various causes in the future. U.S. dollar amounts have been translated, for convenience only, at the rate of 144.81 yen=US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on September. 30, 2022. Billion is used in the American sense of one thousand million. Foreign exchange rates of the Forecast for Fiscal Year Ending March 31, 2023, as a precondition are US$= 134.5 yen, Euro=136.9 yen, CNY=19.9 yen.About DENSO CorporationDENSO is a $45.1 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 200 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 168,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2022. For more information about global DENSO, visit www.denso.com/global. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
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SNS Network Technology Posts 42.4% Rise in Net Profit for 2Q FY2023 ACN Newswire

SNS Network Technology Posts 42.4% Rise in Net Profit for 2Q FY2023

September 27, 2022
IPOH, Malaysia, Sep 27, 2022 - (ACN Newswire via SEAPRWire.com) - SNS Network Technology Berhad (SNS), an ICT system and solutions provider, today announced that the Group registered a 19.7% rise in revenue to RM296.93 million for the second quarter ended 31 July 2022 (2Q FY2023) compared with RM248.16 million in the immediately preceding quarter (1Q FY2023).Managing Director of SNS, Ko Yun HungFor the quarter under review, the Group recorded a 21.8% gain in gross profit (GP) to RM23.43 million compared with GP of RM19.24 million in 1Q FY2023 while profit before tax (PBT) increased 43.0% to RM11.76 million compared with PBT of RM8.23 million. The Group's profit after tax (PAT) for 2Q FY2023 rose by 42.4% to RM8.81 million from PAT of RM6.19 million in 1Q FY2023.There are no comparative figures on a year-over-year basis as the Group was listed on the ACE Market of Bursa Malaysia on 2 September 2022.Managing Director of SNS, Ko Yun Hung, said, "The Group's performance for the quarter under review was supported by higher demand for ICT products from local customers under our commercial channel comprising businesses, government agencies and educational institutions following the full resumption of business operations after the reopening of the Malaysian economy.""We remain positive for the Group's outlook given the continuous growth in demand for ICT products supported by rising economic activities and the strengthening of our existing customer base together with expansion of market share. For the immediate future, we will continue to focus on the plans as announced in our prospectus, namely the expansion of our Device-as-a-Service business, the construction of a regional hub in Petaling Jaya, and the setting up of 10 new stores in the country."On a geographical basis, Malaysia contributed 86.2% of the Group's revenue of RM958.08 million for the financial year ended 31 January 2022 (FYE2022), with Hong Kong and Singapore contributing 11.7% and 1.4% respectively. The Group posted revenue of RM721.47 million for FYE2021 and RM675.28 million for FYE2020.SNS Network Technology: 0259 [BURSA: SNS], https://www.sns.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter JCN Newswire

Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

August 5, 2022
TOKYO, Aug 5, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, which represents a profit margin of 1.7%. Net profit was YEN19.1 billion, an increase of 51.7% year-over-year, with a profit margin of 2.2%. EBITDA was YEN47.2 billion, a 12.2% decrease from FY2021, with a profit margin of 5.4%, down 0.9 percentage points year-over-year.Highlights:- Order intake, revenue, and net profit all exceeded Q1 FY2021 results, continuing upward trend from FY2020.- Contracts executed for five large frame Gas Turbine Combined Cycle (GTCC) units in Americas, EMEA, and Asia. Strong order growth in Metals Machinery as capital expenditures by steelmakers in Asia and Americas increased.- Materials cost inflation and supply chain disruptions continued, particularly affecting Logistics, Thermal & Drive Systems segment. Price optimizations underway to mitigate these effects in second half FY2022.- Charges booked in Energy Systems, including downsizing of European coal-fired thermal power business as capacity adjusted to match long-term objectives in region.- Fixed cost reductions and strategic asset sales progressing in accordance with 2021 Medium-Term Business Plan.CFO Message:"MHI is proud to have achieved strong orders in all segments in the first quarter of this fiscal year," Hisato Kozawa, Member of the Board, Executive Vice President, and Chief Financial Officer of MHI commented. "Considering the mid- to long-term market outlook in the EMEA region, we began reducing the scale of operations in our European coal-fired thermal power business and booked some charges associated with these actions. In parallel, MHI is looking to increase our presence in EMEA through the Energy Transition by offering decarbonization solutions as well as core technologies including hydrogen utilization and CO2 Capture, Utilization, and Storage (CCUS)."Mr. Kozawa continued, "Despite securing YEN19.1 billion in net profit, the business environment remains challenging. In the first quarter, materials and logistics cost inflation and supply chain disruptions, including the lockdowns in China, continued to impact our businesses for longer than initially projected. As concerns of recession in North America and Europe mount, we will strive to improve profitability through various measures such as price optimization and further fixed cost reductions in the second half of the fiscal year."(1) Profit before finance income, finance expenses, and income taxesFor more informaton, visit www.mhi.com/news/22080501.html. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
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Wintermar Offshore (WINS:JK) Reports 1H2022 Results ACN Newswire

Wintermar Offshore (WINS:JK) Reports 1H2022 Results

July 29, 2022
JAKARTA, Jul 29, 2022 - (ACN Newswire via SEAPRWire.com) - Wintermar Offshore Marine (WINS:JK) has announced results for 1H2022. Total revenue was up 25%YOY to US$25 million, helped by higher chartered vessels revenue. Revenues rebounded in 2Q2022 by 39%QOQ as several vessels commenced operations after delays in 1Q2022. All Divisions turned in positive gross profit for the 2nd quarter reflecting higher demand for OSVs.Owned Vessel DivisionAfter recording a loss for 1Q2022, gross profit for 2Q2022 rebounded to US$2.1 million on revenues of US$7.9 million, +19%QOQ. This reflects a higher utilization rate for Owned Vessels in 2Q2022 of 70% compared to only 61% in 1Q2022. Gross Profit from Owned Vessels turned around to US$0.8 million in 2Q2022 compared to a loss of US$0.58 million in 1Q2022.The three high tier vessels purchased recently were still awaiting the arrival of dynamic positioning equipment for an upgrade of their DP capability before conducting their Sea Trial and to be ready to sail.On a YOY basis, Owned Vessel Direct expenses were 2% higher YOY, largely from higher fuel expenses incurred in a one-off demobilization of a vessel returning from work in Africa, offset by an 8% lower depreciation charge due to vessel disposal YOY. Revenue from Owned Vessels declined by 13% YOY due mainly to disposal of 7 Vessels in 2021. Gross Profit from Owned Vessels for 1H2022 amounted to US0.2 million compared to a US$2.7 million in 1H2021.Chartering and Other ServicesFor 1H2022, Chartering Revenue jumped 205% YOY to US$7.96 million compared to US$2.6 million in 1H2021, reflecting some contracts in Brunei. For 1H2022, Chartering Division contributed Gross Profit of US$0.9 million (+150% YOY), while other services gross profit was also up significantly at US$1.15 million (+417% YOY).Total Gross Profit for 1H2022 was US$2.27 million which was 31% lower YOY as compared to 1H2021.Indirect Expenses and Operating ProfitTotal indirect expenses for 1H2022 were US$3.15 million, up 20% as compared to 1H2021 with salary reflecting the highest increase of 31%.At the Operating level, the Company recorded a loss of US$0.88 million for 1H2022, compared to US$0.7 million profit in 1H2021. Other Income, Expenses and Net Attributable profitFor 1H2022, Interest Expenses fell 39% YOY to US$0.74 million as the Group continues to reduce outstanding bank debt. At 30 June 2022, the Net Debt to Equity (Net Gearing) amounted to 13%. Share of Equity in Earnings of Associates totalled US$0.38 million. The Net Loss Attributable to Shareholders for 1H2022 was US$1 million compared to a loss of US$0.5 million for 1H2021.EBITDA for 1H2022 was 29% lower YOY at US$5.3 million.Outlook for Oil and Gas explorationWith Brent oil prices staying high during the 2Q2022, activity in upstream oil continued to be firm. The International Energy Agency (IEA) in its June Oil Market Report projected that global oil demand will reach 103m b/d in 2023, while total global oil output is still constrained due to sanctions against Russia. Westwood Global Energy research is projecting a strong industry upcycle for offshore investments through 2026 if oil prices stay high.Stronger demand for OSVs have been seen worldwide, as utilization rates are higher across all geographic areas. However, although charter rates were higher in the North Sea and Middle East, they have not risen much yet in Asia Pacific.Outlook The Company is looking to better utilization in 2H2022 when the recently acquired PSVs will be ready for operation. There have been more requests for quotation and several new tenders announced in Indonesia and the Asian region. Charter rates for OSVs in Asia are expected to rise after utilization rates pick up further next year. Contracts on hand as at end June 2022 totalled US$62 million. About Wintermar Offshore Marine GroupWintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.For further information, please contact:Ms. Pek Swan Layanto, CFA Investor RelationsPT Wintermar Offshore Marine TbkTel: (62-21) 530 5201 Ext 401Email: investor_relations@wintermar.com Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Pertamina’s largest share of 2021 profit from upstream sector ACN Newswire

Pertamina’s largest share of 2021 profit from upstream sector

June 23, 2022
JAKARTA, Jun 23, 2022 - (ACN Newswire via SEAPRWire.com) - The upstream sector accounted for the largest share of state-owned oil and gas firm PT Pertamina's (Persero's) net profit as Indonesian crude prices (ICP) soared in 2021.Pertamina Hulu Energi Offshore Southeast Sumatra (PHE OSES) well in Seribu Islands waters off North Jakarta's coast (ANTARA FOTO/M Risyal Hidayat/rwa)"The overall profit earned is a combination of the six sub-holdings and their subsidiaries, but the largest contribution to the net profit comes from the upstream sector due to the windfall from the increase in ICP prices," acting vice president of corporate communications at Pertamina, Heppy Wulansari, said in Jakarta on Tuesday.Reporting its 2021 fiscal year performance to the government, which is a shareholder in the company, Pertamina said it scored a net profit of Rp29.3 trillion.The majority of this profit was obtained from the upstream sector's revenue, which increased sharply. Meanwhile, the downstream sector experienced losses due to the increase in crude oil prices and as Pertamina's fuel prices remained below the market price.This was an advantage for Pertamina, which has an integrated business from upstream to downstream, which allows cross-subsidies. Thus, it could maintain the balance between profits and public service bonds.Wulansari said that Pertamina's financial performance was positive, with almost doubled profit in the 2021 fiscal year.This profit was consolidated profit from all Pertamina business lines from upstream, processing, and downstream.As for the downstream sector, especially fuel and LPG marketing and distribution, at this time, the status is still at a loss due to the high cost of fuel production as the largest component is crude oil."However, Pertamina really appreciates the government's full support through the payment of assignment fuel compensation and the addition of energy subsidies in the 2022 State Budget. This is very meaningful to maintain people's purchasing power and encourage economic recovery," Wulansari said.Contact: Fajriyah Usman, VP Corporate Communications, PT Pertamina (Persero)M: +62 858 8330 8686, Email: fajriyah.usman@pertamina.com, URL: https://www.pertamina.comWritten by: Azis Kurmala, Editor: Suharto (c) ANTARA 2022 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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