Micro-Mechanics posts 53% jump in Q1 profit

MICRO-MECHANICS (Holdings) Ltd posted a record set of results for fiscal first-quarter ended Sept 30, with a 53 per cent jump in net profit to S$5.2 million on the back of higher revenue and margins.

Revenue for the quarter grew 32.5 per cent to S$17.7 million, while gross profit margin improved to 60.9 per cent from 57.3 per cent a year ago as the group took a tighter rein on expenses.

Group CEO Chris Borch said that the group, which produces high precision tools and parts for the semiconductor industry, continued to benefit from robust demand from customers in its major markets, reflecting the strong underlying growth of the global semiconductor industry since the beginning of 2017.

"We believe the semiconductor industry's robust growth this year may herald a prolonged period of strong growth as chips are being increasingly used in nearly every aspect of our daily life," he added. "To sustain the group's growth over the long term, we will continue to focus on our customers and the value we bring to their businesses."