Memtech's 1Q net profit more than doubles to $3.3m

Mainboard-listed Memtech International, the integrated component solutions provider for the mobile phone, IT equipment and automotive industries, says profit attributable to owners of the company jumped 179.8% to US$2.7 million ($3.3 million) in Q1 2011 for the three months ended March 31, 2011 (1Q 2011) from US$1 million in the previous corresponding period (1Q1 2010).

This was achieved on the back of a 10.4% increase in revenue to US$34.0 million in Q1 2011 from US$30.8 million in Q1 2010. As at March 31, 2011, the group’s cash and cash equivalents remained at US$37.8 million.

With higher inflation, increasing labour costs in China, further depreciation of the US Dollar, and political turmoil in the Middle East, Memtech says the year remains challenging. Nevertheless, it remains cautiously optimistic of its performance in 2011.