Hi-P expects lower revenue, profit for Q3; announces JV deal

Singapore

INTEGRATED contract manufacturing services provider Hi-P International said on Sunday that based on a preliminary review of its performance, the group now expects lower revenue and profit for the third quarter ended Sept 30, 2018, against the same period last year.

This is contrary to the guidance it provided in its Q2 2018 unaudited financial results announcement made on Aug 1, that the group expected higher revenue, but similar profit in Q3 2018 against Q3 2017.

In its latest filing with the Singapore Exchange, the mainboard-listed group attributed the change mainly to delays in sales resulting from postponement in billing of certain production tools; lower manufacturing yield for certain products during initial ramp-up stage; and lower market dema…