Micro-Mechanics Q3 net profit jumps 48.1% to S$3.9m on increased sales

MICRO-MECHANICS, which makes high-precision tools and parts used in process-critical applications for the semiconductor industry, on Friday posted a 48.1 per cent rise in net profit to S$3.9 million for the third quarter ended March 31, 2020, from S$2.6 million a year ago.

The increase was due to robust revenue growth, attributed to growth in sales across almost all of its geographical markets, the company said.

Earnings per share was 2.78 Singapore cents for the quarter, compared with 1.88 cents last year.

Revenue for the quarter increased 12.9 per cent to S$16.2 million, from S$14.4 million in the year-ago period.

No dividend was declared for the quarter, unchanged from a year ago.

As at March 31, 2020, Micro-Mechanics had a balance sheet with total assets of S$66.5 million, shareholders' equity of S$54.8 million, cash and cash equivalents of S$16.1 million and no bank borrowings.

Shares of mainboard-listed Micro-Mechanics were trading up S$0.05 or 3.1 per cent to S$1.65 as at 2.24pm on Friday.