SINGAPORE (May 4): Nam Lee Pressed Metal Industries announced a 2.8% rise in 1H18 earnings to $5.54 million from $5.42 million in 1H17.

Revenue for the six months ended March came in at $85.8 million, 27.6% higher than $67.2 million in the previous year, mainly due to an increase in revenue from the aluminium segment.

Similarly, cost of sales increased 29% y-o-y to $70.3 million, bringing gross profit for the period to $15.5 million, 22.0% higher y-o-y.

Other operating costs increased by 86.4% to $1.39 million from $0.75 million last year, due to net foreign exchange loss and net fair value adjustment loss in derivative.

Other income dropped 85.7% to $0.22 million compared to $1.53 million a year ago.

As at March 31, the group’s cash and cash equivalents stood at $43.5 million.

Barring unforeseen circumstances, the group expects to maintain the competitiveness of its businesses and remain profitable through continuing efforts in improving operational efficiency and cost control measures

Shares in Nam Lee closed at 37 cents on Friday.