Micro Mechanics full-year profit slips 1.1% on forex translation

FOREX translation dampened results for Micro Mechanics Holdings, which makes high precision tools for the semiconductor industry, in its full financial year.

Net profit dipped 1.1 per cent to S$11.9 million from the year-ago period, the group said in a Singapore Exchange filing on Monday evening.

For the 12 months ended June 30, 2016, revenue slipped 1.8 per cent to S$51.3 million from the preceding year. The decrease in revenue was due to the translational impact of the depreciation of the yuan and ringgit, it said.