SINGAPORE (May 14): Dutech Holdings reported 1Q18 earnings ended March of RMB14.8 million ($3.1 million), 3.5% higher compared to RMB15.3 million a year ago.
The global manufacturer of high-security equipment says it achieved sales of RMB424.4 million, representing an increase of 19.8% from a year ago.
Sales from the high-security segment increased 29.2% to RMB205.5 million over last year due to the sales growth in ATM safes.
Sales of the business solutions segment increased 12.1% to RMB218.9 million over last year due to the increase of sales orders.
R&D expenses increased 51.2% to RMB18.8 million.
Other expenses increased to RMB8.7 million from RMB0.55 million mainly due to the increase of foreign exchange loss, net.
Dutech’s management expects trading conditions to remain challenging with rising raw materials prices, shrinking ATM sale market and higher overhead cost.However, sales of gaming machines look strong in 2018.
The group is expected to remain profitable in 2018 and will continue its efforts in expanding new products lines. Meanwhile, it will continue to focus on innovation and the development of new generation of ticketing and vending machines.
Shares in Dutech closed at 30 cents on Monday.