Santak Holdings Limited provided group earnings guidance of the financial year ended 30 June 2023. For the year, the Group is expected to report a substantially lower revenue and a significantly higher loss after tax for FY2023 compared to the revenue and loss after tax in the previous financial year. The decrease in revenue was mainly attributable to substantially lower contributions from the Group's precision engineering division.

In addition, the sales of the trading and distribution division was also lower compared to FY2022. The Group's gross profit decreased significantly primarily due to substantially lower economies of scale recorded as a result of the substantial decrease in turnover. Other operating expenses increased in FY2023 arising from a higher foreign exchange loss registered in FY2023 versus FY2022.