Elec & Eltek International reports 0.7% drop in Q2 net profit

SINGAPORE - Elec & Eltek International reported a 0.7 per cent drop in second quarter net profit to US$4.1 million (S$5.1 million).

Revenue for the three months to June 30 rose 3.7 per cent to US$135.8 million.

For the half year, the printed circuit board maker's net profit fell by 35.1 per cent to US$5.3 million, while revenue dipped 1.9 per cent per cent dip to US$251.5 million.

The company said the overall plants' capacity utilisation improved since March, and it continued to generate steady operating cash flow.

Its net gearing ratio as at end June was maintained, at a comfortable 19.6 per cent, and its financial position remained healthy.

Elec & Eltek said in a statement: "We continue to expand our market share in the automotive, communication and mobile phone segments."

Earnings per share for the quarter was 2.21 US cents, down from 2.22 US cents a year ago, while net asset value was US$1.87, down from US$1.91 a year ago.

The company declared an interim dividend of three US cents for the half year, to be paid on Aug 29.