AEM Shares Fall on Profitability Warning

Dow Jones01-15

By Amanda Lee

AEM Holdings' shares fell in early trade after the semiconductor and electronics test solutions company warned that an inventory shortfall will hit profitability.

The stock fell as much as 6.2% on Monday in Singapore trade, marking its biggest intraday drop since August last year. Shares slid to S$3.12, the lowest level in five months.

On Sunday, the company had said that it expects its inventory to be 5% to 7% lower than the S$358.6 million stated at the end of September 2023.

AEM attributed the shortfall to human error in transactions with its enterprise resource planning system as it moved production to its facility in Penang, Malaysia, from Singapore.

"The company anticipates that the shortfall will have a negative impact on the group's profitability for the year ending 31 December 2023," it said.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

January 14, 2024 23:16 ET (04:16 GMT)

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