Fu Yu Corporation, the manufacturer and assembler of precision plastic parts and components, reported a net profit of $706,000 in the first quarter of 2010 compared to a net loss of $7.45 million a year ago.

Group revenue increased 56.1% to $62.2 million in Q1 2010 from $39.8 million in Q1 2009 as the economy recovered. Cash and cash equivalents stood at $56.7 million in the current quarter under review.

Fu Yu says it saw significant improvement in performance in Q1 2010 as compared to the corresponding quarter a year ago.

Nonetheless, the group will remain vigilant and cautious as the industry it operates in remain competitive and challenging as the global economy seems to look with the problems in Europe.