Serial System expects net loss for FY2023

ELECTRONIC components and consumer products distributor Serial System is expecting a net loss for the financial year ended Dec 31, 2023.

Based on a preliminary review of the group’s unaudited financial results, the net loss is primarily due to loss allowance for trade receivables, net foreign exchange loss, inventory obsolescence and higher interest expenses, it said on Saturday (Feb 17) in a filing to the Singapore Exchange.

The group said: “The weak financial performance is also attributable to the slowdown in consumer and industrial demand in Asia, especially China, amid macro challenges around inflationary pressures, high interest rates, currency volatilities and ongoing geopolitical tensions.”

Serial System reported a loss of S$5.7 million in FY 2022, a reversal from the S$12.6 million profit it reported in FY 2021.

Shares of Serial System were down 12 per cent or S$0.01 to S$0.05 at last Friday’s close.