SINGAPORE (Feb 13): Nam Lee Pressed Metal Industries posts earnings of $3.2 million in 1Q, down 4.5% from $3.4 million registered in the same period a year ago.
This was despite revenue rising 1.1% to $39.5 million in 1Q17, from $39.1 million a year ago.
The lower earnings were largely attributed to lower gross profit margin in 1Q17, which fell to 14.9% from 22.5% a year ago.
In a filing to SGX on Monday, Nam Lee says this was mainly due to a change in product mix with lower margin.
As a result, gross profit fell to $5.9 million for the quarter ended Dec 31, 2016, compared to $8.8 million a year ago.
Cash and cash equivalents stood at $34.8 million as at Dec 31, 2016.
Looking ahead, Nam Lee says it is expected to face continued pressure on its profit margins in both aluminium industry and building product businesses.
The group adds that it will continue to focus on improving operational efficiency and cost control measures to maintain the competitiveness of its businesses.
Nam Lee Pressed Metal Industries closed 1 cent lower at 36.5 cents on Monday.
