Kobay Technology Bhd net profit for the second quarter ended Dec 31, 2022 (2Q23) dropped 66% to RM3.1 million compared to the same period last year on the back of RM77.3 million in revenue.

In an exchange filing today, it said its manufacturing division revenue decreased by 10% from the year due to a shift towards lower-profit-margin sales, subdued market demand and elevated setup costs associated with the establishment of a new manufacturing facility.

Its property division also experienced a decline in performance, with revenue decreasing by 47% QoQ and 52% YoY, primarily due to a low conversion rate.