SINGAPORE (Aug 11): Fu Yu Corporation posts a 59.7% decline in earnings to $1.3 million for the 1H ended June, from $3.1 million a year ago.

Revenue fell 9.8% to $92.0 million in 1H17, from $102.0 million a year ago.

This was attributed mainly to lower revenue from its Malaysia and China segments, which fell 24.3% and 8.4%, respectively.

Other income fell 21.6% to $3.7 million, compared to $4.7 million a year ago, due mainly to lower grants and gain from sale of plant and equipment.

As at end June, cash and cash equivalents stood at $93.8 million.

Fu Yu Corp has recommended an interim dividend of 0.25 cent per share for the period.

“Going forward, driving sales growth and raising the plant utilisation rates remain as the group’s top priorities,” says Fu Yu CEO Elson Hew.

“We will continue with our strategy to target product and market segments that exhibit better future growth potential and higher level of stability,” he says.

The group says it is well-positioned to weather difficult business periods and capitalise on opportunities that may arise, given its sound financial backing and established manufacturing capabilities in Asia.

Shares in Fu Yu are trading at 20 cents.