Hi-P International posts lower 2Q net profit of $11.2m

Hi-P International, the integrated electro-mechanics manufacturing solutions provider for wireless communications and consumer electronics, says it achieved net profit after tax of $11.2 million for the three months ending June 30 (2Q2011), a slight dip compared to $12.4 million in 2Q2010.

With global demand for consumer electronics such as smart phones and tablets continuing to be on an uptrend, Hi-P says 2Q2011 revenue increased by 26.7% to $229.9 million year- on-year mainly due to more high level assembly.

But gross profit increased only by 6.4% to $30.2 million yoy mainly due to pricing pressure.