World Precision Machinery Ltd. (SG:B49) has released an update.
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World Precision Machinery Ltd. has reported a decline in revenue for FY2023 by 3.19% to RMB1.08 billion but saw an improvement in gross profit margin due to lower raw material costs and higher sales of high-end stamping machines. Despite this, net profit for the company plummeted by 75.52% to RMB6.02 million. The company is focusing on product innovation and strategic customer acquisition to strengthen its position in the automotive sector, especially as specifications for stamping machines evolve with the shift towards new energy vehicles.
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