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TRIO-TECH INTERNATIONAL [TRT], a global manufacturing and testing services company, has released its audited consolidated financial statements for the year ended June 30, 2023. The company reported a net income of $1.758 million for the year, along with an annual revenue of $43.250 million.
Despite a challenging operating environment, Trio-Tech International managed to achieve a positive net income for the year. This represents a decrease from the previous year's net income of $2.299 million. The company's annual revenue also decreased slightly from $44.065 million in the previous year, reflecting the impact of ongoing market uncertainties.
The company's manufacturing segment generated revenues of $13.827 million, showing a growth of 2.2% compared to the previous year. On the other hand, the testing services segment saw a significant increase in revenue, with a growth rate of 18.4% to reach $23.130 million. However, the distribution segment experienced a decline in revenue, dropping to $6.270 million, a decrease of 43.2%. The real estate segment contributed minimally with revenues of $23,000.
Trio-Tech International remains financially stable with a strong balance sheet. The company's total assets decreased slightly to $42.186 million, compared to $43.421 million in the previous year. Similarly, total liabilities decreased to $12.615 million, down from $15.419 million in the previous year. This indicates effective management of the company's liabilities and an improved financial position.
The basic earnings per share from net income attributable to Trio-Tech International common shareholders was $0.38 for the year ended June 30, 2023. This is a decrease from the previous year's basic earnings per share of $0.60. The diluted earnings per share from net income attributable to Trio-Tech International common shareholders for the year was $0.37, down from $0.57 in the previous year.
Looking ahead, Trio-Tech International will continue to focus on diversifying its revenue streams and expanding its customer base. The company recognizes the need to navigate through challenging market conditions and remains committed to delivering value to its shareholders. Trio-Tech International aims to capitalize on emerging opportunities in the manufacturing and testing services industry to drive future growth.
In conclusion, Trio-Tech International has reported a net income of $1.758 million for the year ended June 30, 2023, with an annual revenue of $43.250 million. While the company faced challenges in the operating environment, it has demonstrated resilience and stability. Trio-Tech International aims to build on its strengths and seek growth opportunities in the years to come.