Surface Mount Q3 plunges, remains in negative equity

ELECTRONICS components maker Surface Mount Technology (Holdings) said its third-quarter net profit plunged 99.2 per cent as restructuring-related effects weighed on the bottom line.

Surface Mount posted profit attributable to shareholders of HK$937,000 (S$154,200), or 0.51 HK cents per share, for the three months ended Dec 31, 2013. On a nine-month basis, net earnings fell 95.4 per cent to HK$5 million, or 2.8 HK cents per share.

The mainboard-listed company, which has been on the Singapore Exchange watch-list since reporting three straight annual losses in 2011, remained in negative equity of HK$66.2 million as at end-2013. Net asset value per share was negative 36 HK cents as at Dec 31, compared with negative 42 HK cents as at March 31, 2013.