SINGAPORE (Oct 15): Industrial mould manufacturing company Hi-P International is expecting lower y-o-y revenue and profit in 3Q18, contrary to management guidance issued in its 2Q18 results announcement.

In a profit warning filed Sunday, the group says this is due to a delay in sales due to postponed billing of certain production tools, lower manufacturing yield for certain products during the initial ramp-up stages, and lower market demand for certain products.

It adds that more details will come when the unaudited financial 3Q18 results are announced.

Hi-P’s latest profit guidance comes in line with the expectations of DBS Vickers Securities, which in August slashed FY18-19F earnings estimates for Hi-P to account for lower margins due to trade war tensions between the US and China.

Shares in Hi-P closed at 92 cents on Friday prior to the announcement.