Sunningdale swings into red on global slowdown in automotive sales

SUNNINGDALE Tech swung into a net loss of S$1.1 million in the second quarter, reversing from a net profit of S$9.7 million in the same period a year earlier.The decline was due primarily to the automotive segment which was impacted by a worldwide slowdown in automotive sales and certain projects reaching end-of-life, it said.Market voices on:

An interim dividend of three Singapore cents per share is payable on Sept 11, unchanged from a year earlier. Sunningdale said in its results filing on Tuesday that it continues to face pressure from rising labour costs, utility costs, price pressure and negative market sentiment in light of global trade tensions.

Similarly, the group has accelerated the shift of its operations from Shanghai to the lower-cost region of Chuzhou, it said. Completion of this shift is expected to take place by the third quarter.

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