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Cheung Woh’s 2Q earnings drop by a third on lower sales

Benjamin Cher
Benjamin Cher10/10/2016 07:09 PM GMT+08  • 1 min read
Cheung Woh’s 2Q earnings drop by a third on lower sales
SINGAPORE (Oct 10): Cheung Woh Technologies saw 2Q earnings fall by about a third to $1.9 million compared to $2.9 million a year ago on lower sales.
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SINGAPORE (Oct 10): Cheung Woh Technologies saw 2Q earnings fall by about a third to $1.9 million compared to $2.9 million a year ago on lower sales.

Although contribution from HDD components increased, revenue dipped 0.4% to $21.7 million on lower precision metal stamping sales due to lower demand from Eurozone customers, an increase in the company’s cost of sales as well as higher sales denominated in RM offset by depreciation against the SGD.

The increase in cost of sales was led by higher material costs in producing baseplates and the increase of labour costs due to higher overtime charges, subcontracting costs due to a shortage of workers in a subsidiary in Johor, annual increments and increase of minimum wages in Malaysia from RM900 ($298) to RM1,000.

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