Hi-P revises Q3 profit guidance

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 had provided in its Q2 2018 unaudited financial results announcement made on Aug 1; in that statement, the group had said that it expected higher revenue but similar profit in Q3 2018 as compared with Q3 2017.

In its latest filing with the Singapore Exchange, the mainboard-listed group attributed the change mainly to delay 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 demand for certain products.

Hi-P is a global contract manufacturer of smartphones, tablet computers and other consumer electronics. 

On Friday, it closed 3.5 Singapore cents higher at 91.5 Singapore cents.