Hi-P International reverses into the red

Fewer orders from key customers and an increase in minimum wages by Chinese local government authorities sent Hi-P International's first quarter earnings into the red.

The global contract manufacturer of consumer electronics recorded a net loss of $12.3 million.

Revenue for the three months to March 31 fell by 33.1 per cent to $178.9 million.

Loss per share was 1.5 cents compared to a profit of 0.83 cent previously, while the net asset value per share eased to 70.18 cents from 73.09 cents as of Dec 31.

Hi-P shares closed trading on Monday at 56 cents.