SINGAPORE (May 2): Hi-P International, the contract manufacturer of smart phones, tablet computers and other consumer electronics, saw its earnings grow 20.0% to $10.1 million for the 1Q ended March, from $8.4 million a year ago.
1Q18 revenue rose 15.1% to $281.1 million, from $244.2 million a year ago, on the back of higher sales volume.
As at end March, cash and cash equivalents stood at $368.4 million.
“The threat of a trade war between the US and China has increased the level of uncertainty across worldwide supply chains. Against this backdrop, the overall market has become more conservative as both customers and suppliers project forecasts in a more cautious manner,” says Yao Hsiao Tung, Hi-P’s executive chairman and CEO.
“Operationally, we are implementing measures to further improve operational efficiency, capacity utilisation, manufacturing yield and tightening cost controls. Efforts to enhance the level of automation at our facilities are also ongoing,” he adds. “Backed by our strong balance sheet, we continue to explore value-driven opportunities for mergers and acquisitions to ensure our long-term growth and sustainability.”
Shares of Hi-P closed 3 cents up, or 1.8% higher, at $1.69 on Wednesday.
