SINGAPORE (Feb 13): Avi-Tech reported a 6.7% fall in 2Q18 earnings to $1.67 million from $1.79 million in 2Q17 a year ago.
This brings 1H18 earnings to $3.38 million, 3.8% higher than $3.26 million recorded in the previous year.
Revenue for the quarter was 8.1% higher at $9.41 million from $8.71 million a year ago, mainly contributed by the Burn-In Services business segment and the Manufacturing and PCBA Services business segment.
Cost of sales also increased by 4.4% to $6.24 million compared to $5.98 million last year.
Gross profit for 2Q18 stood at $3.17 million, 16.2% higher than $2.73 million in the previous year.
Other operating income was 25.7% lower at $0.21 million from $0.28 million a year ago.
During the quarter, the group recorded net foreign exchange loss of $50,000, compared to a gain of $414,000 in the same period last year, due to the weakening of USD.
As at Dec 31 2017, the group’s cash and cash equivalents stood at $14.7 million.
The group has declared a cash interim dividend of 1.3 cents per share, which will be payable on May 15.
Lim Eng Hong, CEO of Avi-Tech says, “We remain committed and open to exploring other profitable businesses which present a synergistic fit with our current service offerings that will aid our business and to enhance shareholder value.”
Shares in Avi-Tech closed at 47 cents on Tuesday.
