Hi-P Intl posts 18.6% drop in Q2 net profit

CONSUMER electronics manufacturer Hi-P International recorded a near 19 per cent year-on-year drop in net profit to S$12.29 million for the second quarter ended June 30 as the cost of sales escalated.

This was despite revenue rising eight per cent to S$302 million on the back of an increase in sales volume.

Earnings per share eased to 1.52 Singapore cents, down from 1.87 cents previously.

No dividend will be paid out for the period under review. In the corresponding period a year ago, it declared an interim dividend of 19 cents per share.

For the six month period, net profit declined 4.8 per cent to S$22.38 million, while revenue was 11.3 per cent higher at S$583.1 million.

The group said that it expects higher revenue but similar profit for 3Q2018 as compared to 3Q2017, and similar revenue but lower profit for FY18 as compared to FY17.

Shares in Hi-P closed at S$1.27 on Wednesday, up one cent.