Sunningdale Q1 profit hit by forex loss

Singapore

PROPELLED by organic growth, Sunningdale Tech achieved a 4.4 per cent year-on-year rise in first-quarter revenue but a foreign exchange loss - compared with a foreign exchange gain a year earlier - resulted in a near 50 per cent fall in earnings.

The mainboard-listed manufacturer of precision plastic components on Monday posted a net profit of S$3.58 million for the three months ended March 31, 2016, down 49.3 per cent from S$7.05 million for the previous corresponding quarter. Adjusted for forex loss of S$3.24 million for Q1 2016 and forex gain of S$1.12 million for Q1 2015, profit would have been S$6.82 million, up 14.8 per cent from S$5.94 million, said Sunningdale.