Serial System Ltd. provides earnings guidance for the half year ended 30 June 2023. The Group is expected to report a net loss for the half year ended 30 June 2023. Based on the preliminary review of the Group's unaudited financial results for 1H2023, the Group's net loss is primarily due to higher net foreign exchange loss, allowances for inventory obsolescence and interest expenses impacted by higher interest rates.

The weak financial performance is also attributable to the slowdown in demand across the electronic sectors in Asia, especially China, amid macro challenges around inflationary pressures, high interest rates and ongoing geopolitical tensions.