Mainboard-listed Hi-P International, the integrated electro-mechanics manufacturing solutions provider for wireless communications and consumer electronics, has bounced back from a net loss of $14.2 million dollars in 1Q2010 and posted a net profit of $12.4 million for the 3 months ended 30 June 2010 (2Q2010).

Revenue for 2Q2010 increased 23.6% quarter-on-quarter to $181.5 million on the back of better demand from customers. With better capacity utilisation and cost control measures, 2Q2010 gross profit surged 336.9% QOQ to $28.4 million.

Year on year, 2Q2010 revenue increased by 2.2% to $181.5 million compared to 2Q2009 due to new projects and offset by EOL of several projects but net profit was still 22.4% lower compared to 2Q2009 as gross profit decreased 29.9% to $28.4 million mainly due to deterioration of pricing quality and rising labour costs.