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Revenue for the period fell by 18.4% y-o-y to $134.7 million due to the overall decrease in revenue across the board with the exception of the Switchboard Segment, which remained relatively stable. Gross profit dropped 11.4% y-o-y to $24.8 million, while gross profit margin stood 1.46% higher at 18.38% due to sales from more adhoc contracts which required immediate deliveries.
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In addition, the group recognised grant income of $5.8 million through the government’s schemes to support businesses during Covid-19. As at Dec 31, 2020, cash and cash equivalents stood at $39.9 million. The group has declared an interim dividend of 0.75 cent per share, which will be paid on March 8. Shares in Tai Sin closed flat at 31.5 cents on Feb 8.