ISDN Q1 net profit soars 95.4% to S$6.1m

ISDN Holdings posted a net profit of S$6.1 million for the first quarter ended March 31, 2021, a 95.4 per cent improvement on its S$3.1 million net profit for Q1 2020.

In its voluntary quarterly update on Monday, the engineering solutions provider said that revenue rose 23.4 per cent to S$98.4 million on the back of continued market demand for industrial automation in Asia.

It expects to benefit further from several post-Covid shifts in the region's industrial economy, including the global semiconductor shortage, accelerated Industry 4.0 adoption, higher automation and geopolitical tensions.

During the quarter, ISDN delivered customer solutions across Asia's growth industry segments including semiconductor manufacturing, OLED advanced displays, medical ventilators for Covid-19 treatment, intelligent robotic repair equipment and labour automation solutions for welding and logistics.

Said Teo Cher Koon, managing director and president of ISDN: "While we're proud that ISDN has built a clear growth position for Asia's shifts in technology, geopolitics and digitalisation, we're not resting on our accomplishments. ISDN continues to push forward with growing our technology capabilities, improving our productivity and advancing our emerging business portfolio."

ISDN shares closed flat at S$0.635 on Monday.