Excelpoint's Q1 net profit up 18 times to US$4.4m
ELECTRONICS component distributor Excelpoint Technology posted a net profit of US$4.4 million for the first quarter ended March 31, about 19 times its net profit in the corresponding quarter the year before.
The group enjoyed higher demand for semiconductors on the back of accelerated technology adoption. Revenue climbed 32.9 per cent to US$336.3 million, mainly due to higher sales in Singapore and Hong Kong.
Gross profit rose 80.2 per cent to US$23.4 million.
Operating costs increased mainly due to higher staff cost and higher travelling expenses due to partial resumption of business travel, the group said.
Earnings per share was 3.66 US cents, compared with 0.19 cents the year before.
Excelpoint said business momentum has seen recovery, especially in China, which will remain the key market for growth.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The group recently set up an innovation centre in response to the rising opportunities to develop solutions in Artificial Intelligence and the Internet of Things. Excelpoint said this will enable it to give more value-add to its partners and sharpen its competitive edge.
The counter closed at S$0.63 on Tuesday, down 1 cent of 1.56 per cent.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UK's FTSE 100 hits record highs on Anglo-American boost
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
SocGen Q1 profit slumps less than expected as investment bank surprises
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking