Hi-P posts surprise Q1 earnings growth on lower forex costs

MAINBOARD-LISTED contract manufacturer Hi-P International's gross profit took a hit from pricing pressures and product mix, according to first-quarter results released on Thursday.

The steady earnings showing bucked Hi-P's earlier forecast for lower first-quarter net profit, with the board saying in Apr 16 guidance that the difference"is mainly due to additional cost savings".Hi-P has since noted that profits were lifted by a 70.9 per cent drop in"other expenses", which fell from S$11.3 million to S$3.3 million on lower currency net loss and fair value on hedging contracts.Earnings per share rose to 1.33 Singapore cents from 1.

He also said that although the market remains challenging, the company is working on its turnaround plans.

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