SINGAPORE (Feb 27): ISDN Holdings, the engineering solutions provider, announced that its 4Q17 earnings has declined by 37.3% to $1.83 million compared to $2.92 million in 4Q16.
This brings FY17 earnings to $9.55 million, 85.3% higher than $5.15 million recorded in FY16.
Revenue for the quarter stood at $70.5 million, 5.1% higher than $67.1 million a year ago.
This was driven by the increase of companies adopting advanced and automated processes for factory automation, which in turn increased demand for industrial robots in manufacturing processes, and ease of use and integration of components within motion control systems.
Moreover, the increase in revenue was also attributed to the group’s expansion of customer base and orders especially in China and Singapore markets.
With cost of sales increasing by 3.2% y-o-y to $51.9 million, gross profit was $18.6 million for 4Q17.
Other operating income increased by 18.6% to $1.33 million from $1.12 million last year.
During the quarter, the group recorded other operating expenses of $1.19 million, compared to gains off $0.28 million in the previous year, mainly due to net exchange gain recognised in 4Q16.
The group has declared a final cash dividend of 0.6 cents per share, which would be payable on May 17.
Going forward, the group will continue to explore other growth opportunities in the renewable energy sectors through strategic partnerships and other forms of collaboration.
Teo Cher Koon, managing director and president of ISDN says, “We have an extensive supplier base and comprehensive knowledge of engineering solutions to serve a wide range of industries. By expanding our customer base and penetrating new markets in the region, our group looks set to benefit immensely from the long-term trend of intelligent manufacturing and factory automation that is happening in many parts of the world.”
Shares in ISDN closed 1 cent lower at 23 cents on Tuesday.
