Mainboard-listed Micro-Mechanics (Holdings), the manufacturer of high precision tools, parts and assemblies for high technology industries, today reported that its net profit increased 31.6% to $1.7 million for the three months ended 31 March 2011 (3Q11) on the back of a 9.8% increase in revenue to $11.1 million.
During 3Q11, the group’s core semiconductor tooling business remained resilient with sales increasing 12.2% to $9 million. Meanwhile, its Custom Machining and Assembly (CMA) business registered steady sales of $2.1 million in 3Q11. For 9M11, sales of the semiconductor tooling business rose 18.2% to $28.1 million to account for a dominant 82.1% of the group’s revenue.
On a geographical basis, the group benefited from double-digit sales growth in many of its semiconductor tooling markets in Asia. Sales in Malaysia, its largest market for semiconductor tools, rose 13.1% while China, Thailand and Taiwan posted sales growth of 13.0%, 19.4% and 20.6% respectively.
Sales in the US, which is the main market for the group’s CMA business, increased 20.6% to $2.6 million, from $2.1 million in the year-ago quarter. In fact, revenue contribution from the US would have been higher if not for the significant depreciation of the US Dollar against Singapore Dollar over the last 12 months.
As at 31 March 2011, the group remained in a sound financial position with total assets of $42.0 million, shareholders’ equity of $35.8 million, cash and cash equivalents of $5.1 million and no bank borrowings.
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