SINGAPORE (Sept 22): Vicplas International saw FY17 earnings ended July fall 40.4% to $3.2 million from $5.4 million a year ago.
Revenue for the 12 months ended July fell 16.3% to $63.7 million due to lower sales from both the medial devices segment and pipes and pipe fittings segment.
Revenue for the medical devices segment fell 23.9% to $24.9 million in FY17 from FY16 due to the substantial decrease in orders from its major customer.
Revenue for the pipes and pipe fittings segment declined by 10.6% to $38.8 million due to the general slowdown and increasing competition in the construction industry in Singapore.
Other income rose 19.5% to $4.1 million due to increased tooling built for customers’ new projects.
Vicplas has proposed a final dividend of $0.005 per share for FY17.
In view of challenges ahead for both the medical devices segment and pipes and pipe fittings segment, Vicplas will continue to exercise prudent cost management while developing new business opportunities and strengthening the base for its future growth.
Shares in Vicplas closed at 12 cents on Friday.
