SINGAPORE (May 15): ISDN Holdings, the integrated engineering solutions provider, reported 1Q earnings nearly doubled to $2.7 million from a year ago.

Revenue increased 11.6% to $67.7 million. The group benefitted from the ongoing capital spending in the semiconductor industry, and also recorded increased order levels from existing customers.

Administrative expenses rose 6.2% to $7.6 million from a year ago arising mainly from higher professional expenses incurred in connection with the listing amounting to $1.1 million and $0.5 million for 1Q17 and 1Q16 respectively.

Had the listing expenses been excluded, administrative expenses would have decreased to $6.5 million due to reduced general office expenses.

Teo Cher Koon, ISDN’s Managing Director and President, says, “Our sales teams on the ground have been engaging customers even more closely than before, thus securing our foothold in key markets and building barriers to entry through tacit technical knowledge of customers’ requirements. This has enabled us to capitalise on opportunities such as the current surge in semiconductor equipment spending, and we will continue to take advantage of the bullish conditions in that industry.”

Shares of ISDN closed 1 cent lower at 21 cents.