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Miyoshi back in the black in Q3

Friday, July 3, 2015 - 19:53

Engineering group Miyoshi on Friday reported a net profit of S$777,000 for its third quarter ended May 31, 2015, a reversal from the S$520,000 net loss it made a year ago.

Revenue rose 5.4 per cent to S$13.5 million for the quarter, driven by higher contribution from its consumer electronics segment, thanks to new and more orders from customers in the photo imaging business.

Lower costs and expenses further helped to propel the group back into the black. Earnings per share was 0.17 Singapore cents, versus loss per share of 0.12 cents in the previous year.

The group said its operating landscape remains challenging in the near term as a result of competitive pressures in the integrated engineering services industry.

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That said, its focus on managing costs and improving productivity has begun to yield results. It now also benefits from a more optimal product mix that yields stronger margins, it said.

The group's mainstay business is in contract manufacturing, with consumer electronics and data storage holding the fort at key manufacturing centres in China, Thailand and the Philippines.

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