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Sunningdale Q2 profit falls 37%

Tuesday, August 2, 2016 - 18:15

SINGAPORE's mainboard listed Sunningdale Tech posted a 37 per cent drop in second quarter net profit to S$3.8 million from S$6 million a year ago largely led by a one-off restructuring cost for its plant in Southern China.

Excluding the impact of foreign exchange gains and restructuring costs, the group's net profit would have increased 33 per cent to S$7 million.

Revenue was flat at S$166.6 million, up 0.8 per cent from S$165.4 million.

The increase came from the automotive and healthcare segments, owing to more orders from existing and new projects. This was, however, partially offset by declines in consumer/IT and mould fabrication divisions.

Earnings per share stood at 2.04 Singapore cents versus 3.24 Singapore cents in the previous corresponding period.

No dividend was declared, same as the previous period.

The counter fell two Singapore cents or nearly 2 per cent at S$1.02 on Tuesday.

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