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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Procurri Q1 earnings surge 75% to S$1.8mPROCURRI Corporation posted a 75 per cent rise in net profit to S$1.8 million for the first quarter ended March 31, from S$1.0 million a year ago. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Yangzijiang Shipbuilding Q1 earnings up 38% to 824.1m yuanYANGZIJIANG Shipbuilding’s first quarter net profit rose 38 per cent to 824.1 million yuan (S$166.7 million) for the three month ended March 31, from 595.1 million yuan a year ago. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »