Hi-P International back in the black for Q2

LOWER cost of sales and a gain on the disposal of an investment in a startup lifted results for mould maker Hi-P International for its second quarter.

Net profit was S$7.6 million, a reversal from a net loss of S$8.0 million in the previous year, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended June 30, revenue sank 9.3 per cent to S$285.4 million from the previous year. The decrease in revenue was due partly to mass production of certain projects being shifted from Q2 to Q3 2016 and subdued market demand, it added.

Q2 earnings per share came in at 0.94 Singapore cent, a reversal from a loss per share of 0.98 Singapore cent in the previous year. Net asset value per share slipped to 62.97 Singapore cents as at June 30, from 68.19 Singapore cents as at six months ago.

No interim dividend was proposed. Hi-P International shares closed flat at S$0.37 on Thursday.