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Hi-P International narrows Q1 loss to S$12.4m

MANUFACTURER Hi-P International on Thursday reported a smaller net loss in the first quarter from a year ago on stronger gross profit.

Net loss for the three months ended March 31, 2016, stood at S$12.4 million, compared with S$13.8 million before.

Gross profit surged by four times to S$16.7 million, compared with S$4.4 million a year ago, against a bigger fall in cost in sales than that of revenue.

But the group remained in the red on higher expenses, including that of finance costs, and a drag from forex loss. It recorded a net forex loss of S$6.9 million that arose mainly from depreciation of the greenback against the Singapore dollar.

The group said it will maintain its focus on tightening cost controls, intensifying business development efforts to diversify the customer base; and build up capacity utilisation across all manufacturing sites.