SINGAPORE (Feb 27): Memtech announced that its 4Q17 earnings dropped 6.5% to US$3.76 million ($4.95 million) compared to US$4.02 million in 4Q16.
This brings FY17 earnings to US$14.1 million, 125.3% higher than US$6.27 million in FY16.
Revenue for the quarter was 3.5% higher at US$49.6 million from US$47.9 million in the previous year.
This was led by the group’s automotive segment which reported a 14.5% y-o-y increase to US$24.7 million. Similarly, revenue from the group’s Industrial & Medical segment increased 62.8% y-o-y to US$4.2 million.
Conversely, the group’s Consumer Electronics declined 12.1% y-o-y to $15.5 million, due to lower demand from certain customers as they refresh product lines transitioning to newer models and new products.
Meanwhile, the group’s Telco segment dropped 15.7% y-o-y to US$5.1 million.
With cost of sales increasing 4.0% y-o-y to US$40.3 million, gross profit for 4Q17 came in at US$9.31 million, 1.3% higher than US$9.19 million in 4Q16.
Operating income increased by 80.0% to US$0.90 million from US$0.50 million a year ago, as the group received government incentives and subsidies due to its use of innovative manufacturing technologies.
During the quarter, the group registered exchange loss of US$0.37 million compared to an exchange gain of US$0.50 million last year.
Income tax expenses surged to US$0.42 million compared to US$65,000 a year ago.
Memtech has declared a final dividend of 5.5 cents per share in FY17, which will be payable on May 18.
Chuang Wen Fu, executive chairman of Memtech says, “Looking ahead, our resilient balance sheet has provided the impetus for us to aggressively pursue our growth strategies.”
Shares in Memtech closed at $1.37 on Tuesday.
