SINGAPORE (May 9): Fu Yu Corporation, the manufacturer of precision plastic parts, reported 1Q19 earnings of $1.6 million, more than doubled from $0.5 million in 1Q18, driven mainly by higher gross profit margin and a decrease in operating expenses.
Revenue for 1Q19 closed 0.7% higher at $46.7 million as the group saw higher sales for its consumer, medical and automotive & power tools segments. This was offset by slower sales from the printing & imaging and networking & communications segments.
While the group’s revenue held steady, gross profit rose 11.1% to $8.3 million in 1Q19 from $7.4 million in 1Q18. As a result, the group benefited from an expansion in gross profit margin to 17.7% in 1Q19 from 16.0% in 1Q18. This is primarily due to a shift in its sales mix as well as its continual efforts to achieve better cost and operational efficiencies.
