The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Electrical home appliances manufacturer Pensonic Holdings Bhd (KL) reported its largest quarterly net loss since its listing on Bursa Malaysia in December 1995, due to inventory write-downs.
For the fourth quarter ended May 31, 2024 (4QFY2024), Pensonic reported a net loss of RM14.28 million, compared to RM712,000 for the same quarter a year earlier. Revenue increased by 8.33% to RM85.14 million from RM78.59 million.
The inventory write-downs in 4QFY2024, totaling RM6 million, were made after considering historical consumption and sales trends, inventory ageing, and product life cycles. No dividend was declared for the quarter.
For the full financial year, Pensonic also posted its largest net loss of RM14.28 million, compared to a net loss of RM3.04 million in FY2023. This was despite a 13.31% rise in full-year revenue to RM309.57 million from RM273.20 million in FY2023.
Looking ahead, Pensonic's group CEO Dixon Chew plans to introduce new initiatives aimed at driving product and service innovations through a transformation-led approach to meet customer demand.
“The group CEO took the bull by the horns and reviewed the business operations of the group as a whole by streamlining processes, reducing costs, and enhancing productivity,” the company stated.
Shares in Pensonic settled one sen or 1.77% higher at 57.5 sen on Tuesday, valuing the company at RM87.6 million.
Key Takeaways:
- Pensonic reported its largest quarterly net loss of RM14.28 million in 4QFY2024, primarily due to inventory write-downs.
- Full-year net loss also reached RM14.28 million, despite a 13.31% increase in revenue.
- Inventory write-downs totaled RM6 million, considering various factors such as historical consumption and sales trends.
- No dividend was declared for the quarter.
- The group CEO plans to drive product and service innovations to meet customer demand.
- Pensonic shares rose by 1.77% to 57.5 sen, valuing the company at RM87.6 million.
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