Hi-P Q1 net profit shoots up 350% to $6.9 million

Contract manufacturer Hi-P's net profit skyrocketed 350 per cent to $6.9 million for the first quarter from the preceding year.

This was despite revenue for the three months to March 31 sliding 3.9 per cent to $267.6 million year-on-year.

Hi-P, which makes mobile phone parts for BlackBerry and Apple, said sales declined due to a change in its product mix, but earnings shot up because of lower cost of materials and productivity improvements.

It said it expects revenue and profit growth in its second quarter and for the full financial year.

Earnings per share were 0.83 cents for the quarter, up from 0.18 cents the preceding year. Net asset value was 71.9 cents as at March 31, a slight increase from 70.1 cents as at Dec 31.

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