SINGAPORE (Jan 11): Miyoshi, the provider of integrated engineering services, says earnings in 1Q18 more than doubled to $0.75 million from $0.33 million in 1Q17.
This came on the back of higher sales as well as lower costs and expenses.
Revenue for 1Q18 ended Nov 2017 rose 4.4% to $13.8 million from $13.2 million in the previous year, mainly due to higher order volume from automotive customers.
Meantime, total costs and expenses for 1Q18 fell by $0.1 million to $13 million from lower employee benefit expenses, raw material and consumables used, as well as depreciation expenses.
These were however offset in part by a $0.4 million decrease in other income to just $4,000 in 1Q18, in the absence of a one-off gain from the disposal of property, plant and equipment; other income of $68,000, and the reversal of plant and equipment of $48,000 recorded in 1Q17.
Cash and cash equivalents decreased by $0.3 million to $8.4 million as at end Nov 2017 compared to the previous quarter ended Sept 2017.
Noting continued challenges in the global economic environment, Miyoshi expects to continue facing business headwinds and hence intends to focus on increasing its revenue from other business segments.
This is particularly so for its automotive and consumer electronics segments, says the group, in addition to its plans to streamline costs and improve utilisation for the group’s operations.
Looking ahead, Miyoshi says it hopes to benefit from enhanced operational efficiencies and margin improvements.
Shares in Miyoshi closed flat at 7.6 cents on Thursday.
