Fu Yu Corp reports y-o-y stable revenue of $34.7 mil in 1Q21; higher gross profit of $8.5 mil

Fu Yu Corporation has reported revenue of $34.7 million for the 1QFY2021 ended March, 0.3% lower than revenue of $34.8 million for the 1QFY2020.

The figure was supported by the stronger sales of the group’s operations in Singapore, which was offset by the lower sales from the China segment in the 1QFY2021 compared to the corresponding period the year before.

Gross profit jumped 23.2% y-o-y to $8.5 million in the quarter. Gross profit margin (GPM) expanded 4.7 percentage points y-o-y to 24.5% due to the change in revenue mix, as well as the group’s ongoing initiatives to improve cost management and raise operational efficiencies.