Hi-P International more than doubles net profit in Q4

CONSUMER electronics manufacturer Hi-P International more than doubled its net profit from S$28.53 million to S$59.62 million for the fourth quarter ended Dec 31.

This came as revenue rose nearly 38 per cent year-on-year to S$491.82 million due to higher sales volumes, "resulting from the mass production of certain projects" during the quarter, it said. For the quarter under review, earnings per share rose to 7.39 Singapore cents from 3.5 cents a year ago.

The company has declared a final dividend of four Singapore cents per share, up from 0.4 cent a year ago.

For the full year, net profit jumped from S$54.53 million to S$121.49 million. Meanwhile, revenue edged up 9.3 per cent to S$1.43 billion.

In a performance guidance, it said that it expects higher revenues and profits year-on-year for both 1Q2018 and FY2018.

Chief executive Yao Hsiao Tung said: "This tremendous improvement to our financial performance is validation of our efforts following the challenges we faced two years ago. We turned around quickly, setting the right strategies to improve our operational performance and grow the business."

In a separate announcement, Hi-P said its chief operating officer Yong Inn Nam has tendered his resignation to pursue other interests. The resignation takes effect from Feb 14. Mr Yong was appointed to the role in November last year.

Shares of Hi-P closed at S$1.97 on Tuesday, up four cents.