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Strong pickup in global chip sales drives Micro-Mechanics performance

MICRO-MECHANICS, a Singapore-listed maker of precision tools and parts used in the semiconductor industry, reported on Monday that its net profit for the fiscal fourth quarter ended June 30, 2017 jumped 60.9 per cent from a year ago to S$4.6 million.

A strong upturn in the global chip industry boosted its revenue 19.5 per cent from a year ago to S$15.4 million during the quarter.

For the full year ended June 30, its net profit rose 24.2 per cent to a record S$14.8 million, compared to S$11.9 million a year ago. Earnings per share increased to 10.62 Singapore cents in FY2017 from 8.55 Singapore cents in FY2016.

Micro-Mechanics said its FY2017 result was attained on the back of revenue growth of 11.7 per cent to S$57.2 million, an expansion in gross profit margin to 57.4 per cent and a tight rein on expense structure.

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It is proposing to pay a final dividend of four Singapore cents per share and a special dividend of one Singapore cent per share on Nov 17, 2017. This will bring total dividends for FY2017 to eight Singapore cents per share compared to six Singapore cents for FY2016.

On June 30, 2017, Micro-Mechanics boasted total assets worth S$65.6 million, shareholders' equity of S$54.8 million, cash and cash equivalents of S$23.4 million and no bank borrowings.