Innovalues' net profit falls 10.8% on lower sales

SINGAPORE - Precision engineering firm Innovalues posted weaker fourth-quarter earnings on the back of lower sales from its automotive business.

Net profit fell 10.8 per cent to $4.9 million while revenue for the three months to Dec 31 dropped 3.7 per cent to $26.9 million.

The sales slump was partially offset by higher turnover in the office automation business.

Earnings per share for the quarter fell to 1.48 cents from 1.68 cents a year earlier.

Net assets value per share was 25.34 cents as of Dec 31, 2015 compared with 21.87 cents as of Dec 31, 2014.

The board proposed a final dividend of 1.2 cents and a special dividend of 1.4 cents per share.