Trio-Tech International Reports Net Income of $161,000 in Q4 2023
Company's Revenue Stands at $9.1 Million for Q4 2023
Trio-Tech International,(TRT) a leading provider of manufact uring, testing services, and real estate solutions, has released its audited consolidated statements of operations and comprehensive income (loss) for the three months and twelve months ended June 30, 2023. The company's financial report reveals a net income of $161,000 for the three-month period, while its revenue for the same quarter reached $9.1 million.
Steady Revenue Streams
Trio-Tech International reported total revenue of $9.1 million for the three months ended June 30, 2023. This figure is a result of the company's diverse business segments, which include manufacturing, testing services, distribution, and real estate. While manufacturing contributed $2.2 million in revenue, testing services generated $5.4 million, distribution accounted for $1.4 million, and real estate added $8,000 to the company's top line.
Net Income and Comprehensive Income
The company's net income for the three months ended June 30, 2023, stood at $161,000. This marks a significant improvement compared to the previous year, showcasing Trio-Tech International's ability to navigate economic challenges successfully.
Operating Expenses and Gross Margin
Trio-Tech International reported a gross margin of $2.29 million for the quarter. However, the company also incurred operating expenses, including general and administrative costs, selling expenses, and research and development expenses, which amounted to $2.16 million. Despite these expenses, the company managed to achieve a positive income from operations, totaling $129,000.
Other Income and Tax Expenses
In addition to its core operations, Trio-Tech International also reported other income, including government grants, which contributed $45,000 to the company's financial performance. However, interest expenses and income tax expenses amounted to ($22,000) and ($148,000), respectively.
Net Income Attributable to Trio-Tech International
The net income attributable to Trio-Tech International for the three months ended June 30, 2023, was $162,000. This figure represents the income from continuing operations, net of tax, and underscores the company's financial resilience.
Earnings per Share
Trio-Tech International reported basic earnings per share of $0.04 for the quarter, derived from continuing operations. The company also reported diluted earnings per share of $0.04, reflecting its commitment to maximizing shareholder value.
Comprehensive Income
The comprehensive income attributable to Trio-Tech International, after considering foreign currency translation, was ($886,000) for the three months ended June 30, 2023. While this figure includes a negative impact from foreign currency translation, it underscores the company's commitment to providing a complete financial picture to its stakeholders.
Balance Sheet Highlights
As of June 30, 2023, Trio-Tech International's total assets stood at $42.2 million, comprising current assets of $28.8 million and non-current assets of $13.4 million. The company's liabilities totaled $12.6 million, reflecting current liabilities of $9.3 million and non-current liabilities of $3.3 million.
Shareholders' Equity
Trio-Tech International's shareholders' equity amounted to $29.6 million, with non-controlling interest accounting for $165,000 of this total. The company's equity structure includes common stock, paid-in capital, accumulated retained earnings, and accumulated other comprehensive income-translation adjustments, reflecting its commitment to sound financial management.
Trio-Tech International's financial report for the three months ended June 30, 2023, demonstrates resilience and stability in the face of economic challenges. With a net income of $161,000 and diversified revenue streams, the company continues to position itself as a key player in the manufacturing, testing services, and real estate sectors.
