SINGAPORE (Feb 13): Hi-P International reported 4Q17 earnings more than doubled to $59.6 million compared to $28.5 million in 4Q16.
Revenue was 37.8% higher at $491.9 million from $356.8 million a year ago, due to higher sales volume resulting from the mass production of certain projects in the quarter.
Cost of sales increased by 34.7% to $394.6 million from $293.0 million last year.
Therefore, gross profit for the quarter was $97.2 million, 52.4% higher than $63.8 million in the previous year.
Interest income more than doubled to $1.2 million from $0.47 million a year ago.
Other income increased by 20.3% to $3.33 million compared to $2.77 million last year, mainly due to higher sales of scrap material.
Selling and distributing expenses were 84.6% higher at $4.99 million from $2.70 million in the previous year.
During the quarter, the group incurred other expenses of $7.26 million, compared to gains of $0.58 million last year, mainly due to a net loss of $5.8 million derived from net foreign exchange loss and fair value gain on derivatives resulting from the depreciation of USD against RMB and SGD.
The group has declared a final cash dividend of 4.0 cents per share.
Yao Hsiao Tung, executive chairman and CEO says, “Having laid a strong foundation for growth, we do not intend to stop here as we are well-positioned to reap economies of scale and achieve growth multiplier effect going forward.”
Shares in Hi-P closed 4 cents higher at $1.97.
