SINGAPORE (May 11): UMS Holdings reported 1Q18 earnings increased by 2% to $11.4 million, compared to $11.2 million in 1Q17.

Revenue came in at $37.5 million, 10% lower than $41.8 million recorded in the previous year, due to a 9% dip in revenue from its semiconductor business while sales from its Others segment fell 44%.

Most of the group’s revenue are denominated in USD and the average exchange rate in 1Q18 was about 7% lower than that in 1Q17.

During the quarter, the group incurred net finance expenses of $0.06 million, compared to a net finance income of $0.07 million in 1Q17.

Changes in inventories were also 88% lower at $0.71 million compared to $5.70 million last year.

Raw material purchases and subcontractor charges were 36% lower at $16.7 million, compared to $26.0 million in the previous year.

Andy Luong, executive chairman and CEO of UMS says, “We are confident that the wave of IOT, AI and big data growth will stay as smart products and smart cities will continue to flourish. UMS, which is a beneficiary of this favourable uptrend, will therefore forge ahead with its expansion plans and efforts to improve performance."

A 1-cent tax-exempt interim dividend has been proposed.

Shares in UMS closed at $1.04 on Friday.