Getting back on track
As Midas recovers with China's railway sector, it is diversifying to mitigate risks, reports CAI HAOXIANG
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MIDAS Holdings' recovery, which has been brewing for some time, is finally showing on its accounts.
"Our third quarter results were respectable. It's very clear that there has been a turnaround. The worst is over," states CEO Patrick Chew unequivocally in an interview with The Business Times last Friday, a day after the company - which makes aluminium parts for trains - reported that it swung to a net profit of 16.4 million yuan (S$3.4 million) from a net loss of 6.1 million yuan a year ago.
"The last few quarters of negative cash flow have now turned positive. The environment is clearly improving, and when the tender for high-speed trains was announced in August, we got it very fast, by October.
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