Miyoshi Precision says it has posted a profit after tax of $0.95m for the third quarter ending May 31 2010 (3QFY2010) compared to $2.65m for 3QFY2009; a decline of 64.15%.

Group revenue was $35.22 million compared to $20.80 million for the same quarter of the previous year, a growth of 69.33%.

The increase in revenue was largely attributable to the revenue contribution of Giken Sakata (S) which became a subsidiary of the company in the first quarter of the current financial year.

Foreign exchange gains in 3QFY2009 from a relatively strong USD reversed into losses in 3QFY2010 as the USD weakened significantly.

Employee benefit expenses were higher in 3QFY2010 as wage restraint measures implemented in 3QFY2009 were discontinued.