SINGAPORE (Aug 2): Sunningdale Tech announced 2Q17 earnings rose 115% to $8.2 million from $3.8 million in 2Q16.
Amid uncertain market conditions, group revenue for the 2Q17 ended June managed to come in 6.6% higher at $177.6 million compared to $166.6 million in 2Q16.
This was due to an over increase in revenue from all the group’s business segments, except for Healthcare and Mould Fabrication.
In line with the increase in revenue, gross profit increased 20.7% y-o-y from $22.9 million for 2Q16 to $27.7 million for 2Q17. Correspondingly, the group’s gross profit margin improved from 13.8% for 2Q16 to 15.6% for 2Q17.
Sunningdale also saw a 34.8% decrease in other expenses from $5.6 million in 2Q16 to $3.7 million in 2Q17.
The decrease was mainly due to a foreign exchange loss of $2.6 million for 2Q17 as compared to a one-off restructuring cost of $4.6 million incurred for 2Q16.
The board of directors is proposing an interim dividend of 2.5 cents for this period and will be paid out on August 31.
Khoo Boo Hor, CEO & Executive Director of Sunningdale Tech, says, “In the face of macroeconomic headwinds and operational challenges, we remain vigilant while charting sustainable long-term growth for the Group. In this light, we focus on variables within our control such as driving operational efficiency and streamlining our operations to boost productivity.”
Shares in Sunningdale Tech closed 1 cent higher at $2.05.
