Serial System Ltd. provides earnings guidance for the financial year ended 31 December 2023. For the period, the Group is expected to report a net loss. Based on the preliminary review of the Group's unaudited financial results for FY2023, the Group's net loss is primarily due to loss allowance for trade receivables, net foreign exchange loss, allowances for inventory obsolescence and higher interest expenses impacted by the high interest rates.

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.