SINGAPORE (July 10): Miyoshi has swung back into profitability in the 3Q17 ended May with earnings of $0.41 million from a loss of $0.37 million a year ago.
This also brings earnings from the nine months ended May to $0.91 million from $0.43 million a year ago.
For the three months, revenue rose 11.1% to $12.9 million from $11.6 million a year ago due to more orders from automotive and data storage customers.
Other income also increased by $0.1 million to $0.6 million in 3Q17 from $0.5 million in 3Q16 mainly due to higher income from sales of scrap of $0.46 million and gain on disposal of club membership of $0.41 million.
Miyoshi says the global economic environment continues to present challenges as the group face business headwinds, especially in the hard disk drive segment.
The group says it would continue to explore M&A opportunities in a bid to further bolster its existing business and growth drivers.
Shares in Miyoshi closed 0.2 cent higher at 7 cents on Friday.
