Tai Sin Electric reported $18.1 million in earnings for the 6M ended Dec 31, 2020, a 123% growth from earnings of $8.1 million a year ago.

On a fully diluted basis, earnings per share (EPS) stood at 3.94 cents from 1.82 cents the year before.

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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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Other operating income increased more than four times to $14.4 million from $3.0 million due to higher fair value gain on derivative financial instruments of $7.6 million as the group benefitted from the increase in the price of copper.

SEE: Neo Group's chairman and wife take stake in Asiatic from Tai Sin's Lims

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.