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Trek 2000 International Q2 net profit slides 57% to US$33,000

TREK 2000 International on Wednesday posted a net profit of US$33,000 in the second quarter, down 57 per cent from the same period a year earlier.

Revenue in the three months ended June 30 was US$3.4 million, down 75.5 per cent. This was due to "the current weak economic situation in the global market", the group said.

Trek's Interactive Consumer Solution accounted for 79.3 per cent of the overall revenue.

Earnings per share was 0.01 US cent, down from 0.02 US cent in the second quarter last year.

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Net asset value per share was 14.08 US cents as at June 30.

The group said it foresees the industry to remain challenging in the next 12 months as the current market situation is expected to continue.

"In this difficult period, the group will be selective in exercising priority on projects based on their profitability, and dealing with customers. Despite these challenges, the management is committed to exploring strategic partnerships to ensure the long-term sustainability of the group's operations and continuing to penetrate the Internet of Things market in consumer wearable, medical and cloud technologies. The group also continues to invest in R&D to stay relevant."

Separately, the group has appointed Chay Yee Meng as a member of the investment committee with immediate effect.