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Nam Lee H1 profit increases 2.2% to S$5.5m

FABRICATED metal producer and supplier Nam Lee Pressed Metal Industries posted a 2.2 per cent increase in net profit to S$5.5 million in the first half of fiscal 2018 on the back of an increase in turnover.

Earnings per share edged up to 2.283 Singapore cents from 2.244 Singapore cents in the preceding year.

For the six months ended March 31, revenue went up 27.6 per cent from S$67.2 million in the previous year to S$85.8 million.

The increase was mainly attributable to an increase in revenue from the aluminium segment of its business, it said on Friday evening.

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Distribution and administrative costs remained relatively stable from H12017 while other operating costs doubled from S$0.7 million to S$1.4 million in H12018. Nam Lee said this was due to net foreign exchange loss and net fair value adjustment loss in derivative for H1.

"There was a net foreign exchange gain and net fair value adjustment gain in derivative in H12017, which was recorded in other income," it added.

Net asset value per share edged up to 55.7 Singapore cents as at March 31, from 55 Singapore cents six months ago.

Nam Lee shares finished unchanged at S$0.37 on Friday before the announcement.