SINGAPORE - Mainboard-listed Hi-P International saw first-quarter earnings sink further into the red, even as revenue grew by more than half.

The group - a global contract manufacturer of smart phones, tablet computers and other consumer electronics - on Monday posted a net loss of $13.8 million for the three months ended Mar 31.

This was 12.4 per cent more than the $12.3 million loss from the same period a year ago.

Revenue rose 56.4 per cent to $279.8 million, thanks to contributions from the firm's original design manufacturer (ODM) product and other high component content assembly products from an existing customer.

While gross profit climbed 31.2 per cent to $4.4 million on the back of more sales, gross profit margin contracted year-on-year from 1.9 per cent to 1.6 per cent.

Hi-P drew a loss per share at 1.69 cents for the first quarter, more than the loss per share of 1.50 cents in the first quarter last year.

Net asset value per share stood at 74.56 cents as at Mar 31, higher than the 74.14 cents as at Dec 31 last year.

Hi-P shares closed one cent lower at 60 cents yesterday.