SINGAPORE (May 14): Fu Yu Corporation posts a 3.2% rise in earnings to $0.55 million for the 1Q ended March, from $0.53 million a year ago.
1Q18 revenue grew 3.6% to $46.4 million, from $44.7 million a year ago, driven mainly by higher sales from its Singapore and Malaysia operations.
Singapore revenue rose 10.1% to $10.9 million on higher sales of products in the printing & imaging segment, while Malaysia revenue climbed 15.1% to $8.4 million on higher orders of products in the medical segment.
The increase was partially offset by a 1.5% dip in China revenue to $27.1 million.
As at end March, cash and cash equivalents stood at $95.2 million.
“Although we attained higher overall revenue in 1Q18, the group’s gross profit margin was undermined by a shift in sales mix as well as pressure on selling prices for certain products. To mitigate the impact of market pressures on our gross profit margin, we are working continuously to raise automation and improve our production processes to extract better cost and operational efficiencies,” says Elson Hew, chief executive officer of Fu Yu.
Shares of Fu Yu closed flat at 18.6 cents on Monday.
