SINGAPORE (Feb 8): Avi-Tech Electronics reported earnings of $1.79 million for the second quarter ended 31 Dec, up 6.4% from $1.68 million a year ago on higher revenue.
Revenue for 2Q17 grew 10.7% to $8.7 million compared to $7.9 million in the year before, as the group’s burn-in services and engineering services business segments continue to generate strong revenue. Avi-Tech’s burn-in board manufacturing and printed circuit board assembly (PCBA) services segment, too, contributed to the continued growth in revenue against their comparative period.
Overall, the group says it registered a decrease in other operating income, higher sales revenue, favorable foreign exchange gains and continuing cost management resulted in a slight increase in profit – leading to a growth in profit by $0.1 million to $1.8 million for the quarter.
In its filing to the SGX on Wednesday, Avi-tech also highlights that it continued to achieve an above-30% gross profit margin for all the comparative periods due to successful planning and implementation of cost control measures.
As at Jun 30 last year, total group assets grew by 4.9% to $55.3 million, primarily due to increases across its cash and bank balances, inventories, and held-to-maturity financial investments.
Avi-Tech says it continues to remain positive on its business outlook, and will continue “working towards strengthening its core competencies and exploring new avenues of growth”.
Shares of Avi-Tech closed 1.5% higher at 34 cents on Wednesday.