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Sunningdale Tech profit more than doubles in Q1

NET profit for precision plastics components manufacturer Sunningdale Tech more than doubled from S$3.6 million to S$7.7 million for the first quarter ended March 31, 2017.

The firm posted a revenue rise of 6.5 per cent to S$171.8 million, driven by increases in revenue from all its business segments, save Mould Fabrication. Sunningdale's Automotive segment churned out a 14.7 per cent jump in revenue to S$67.3 million, while its Consumer/IT segment posted a 10.7 per cent rise in revenue to S$65.9 million. Meanwhile, its Mould Fabrication segment revenue fell 20.3 per cent due to a decrease in orders billed and recognised to profit and loss during the quarter.

Gross profit margin was up 1.4 percentage points to 15.0 per cent. Sunningdale had recorded a S$0.4 million gain on the disposal of plant, property and equipment (PPE) compared to a S$0.06 million gain a year ago, resulting in a 46.4 per cent increase in other income.

Foreign exchange losses amounted to S$2.1 million as compared to S$3.2 million a year ago. The group said that factoring out the effects of foreign exchange losses, gains on the disposal of PPE, and one-off retrenchment costs amounting to S$0.1 million, net profit would have increased 41.3 per cent year-on-year to S$9.5 million.

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Earnings per share rose to 4.09 Singapore cents from 1.92 Singapore cents a year ago. The counter ended unchanged at S$1.84 on Friday.