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Micro-Mechanics 1QFY21 earnings up 42.3% to $4.7 million

The Edge Singapore
The Edge Singapore10/29/2020 10:03 PM GMT+08  • 1 min read
Micro-Mechanics 1QFY21 earnings up 42.3% to $4.7 million
The company improved its operating efficiency. Gross profit margin for 1Q was 54.8% up from 53.4% the year earlier.
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Micro-Mechanics (Holdings) has reported earnings of $4.7 million for its 1QFY21 ended Sept 30, up 42.3% y-o-y. Revenue for the same period was up 18.3% y-o-y to $18.1 million, a record.

The company, which makes precision tools and parts for the semiconductor industry, is enjoying better business in line with overall healthy demand.

It was able to improve its operating efficiency too, with gross profit margin of 54.8% for 1Q, up from 53.4% from the year earlier quarter.

CEO Chris Borch (picture) says the company is pushing constantly to improve on its efficiency. For example, it is automating operations around processes that are repeatable, scalable and cost-effective.

As at Sept 30, the company has cash and equivalents of $25.5 million, and is debt free.

As earlier announced, the company plans to pay a final dividend of five cents and a special dividend of another two cents for its year ended June 30.

This will bring its total dividend payment for FY2020 to 12 cents per share, compared with 10 cents per share for FY2019.

Micro-Mechanics shares closed Oct 29 at $2.67, up 0.75% for the day.

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