Fu Yu Corp posts 3.2% rise in 1Q earnings to $0.5 mil

Fu Yu Corp posts 3.2% rise in 1Q earnings to $0.5 mil

By: 
Stanislaus Jude Chan
14/05/18, 07:44 pm

SINGAPORE (May 14): Fu Yu Corporation posts a 3.2% rise in earnings to $0.55 million for the 1Q ended March, from $0.53 million a year ago.

1Q18 revenue grew 3.6% to $46.4 million, from $44.7 million a year ago, driven mainly by higher sales from its Singapore and Malaysia operations.

Singapore revenue rose 10.1% to $10.9 million on higher sales of products in the printing & imaging segment, while Malaysia revenue climbed 15.1% to $8.4 million on higher orders of products in the medical segment.

The increase was partially offset by a 1.5% dip in China revenue to $27.1 million.

As at end March, cash and cash equivalents stood at $95.2 million.

“Although we attained higher overall revenue in 1Q18, the group’s gross profit margin was undermined by a shift in sales mix as well as pressure on selling prices for certain products. To mitigate the impact of market pressures on our gross profit margin, we are working continuously to raise automation and improve our production processes to extract better cost and operational efficiencies,” says Elson Hew, chief executive officer of Fu Yu.

Shares of Fu Yu closed flat at 18.6 cents on Monday.

Next stop: The interchange of public and private good

SINGAPORE (May 20): Two-minute intervals between trains. Fewer breakdowns. Clean, new buses running at a higher frequency. Bright LED screens displaying details of stops on both buses and trains. To many commuters who are enjoying these benefits, the meltdown of Singapore’s transport system in December 2011, and again in July 2015, is a distant memory. Certainly, services have improved significantly. There are new trains and buses, while existing ones have been spiffed up. There has been an overhaul of the older rail systems, presumably including fixing the grips for the electricity rail ....
Read More >>
Moving from compliance to accountability

While the collection, use and disclosure of data is regulated by the Personal Data Protection Act, b

Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties. Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018. ASIC is seeking an order to appoint Deloitte to liquidate Merlin, owner of the Merlin Diamond Mine Pro....
Read More >>