Sunright shrinks net loss by more than half to $570,000

Sunright narrowed its half year net loss to $570,000 from $3.4 million.

The firm, which provides services to the semiconductor industry, said its turnover fell by 5 per cent to $43.9 million for the six months to Jan 31.

The fall was attributed to weaker demand across all business segments.

Loss per share shrank to half a cent from 2.8 cents previously while net asset value per share slipped to 58 cents compared to 59.6 cents as at July 31 last year.

On its prospects, Sunright noted that world-wide semiconductor revenue is projected to reach US$333 billion (S$422 billion) this year, representing a growth of 5.6 per cent from US$315 billion in 2013.

The International Monetary Fund has projected moderate gross domestic product growth in 2014, consistent with the semiconductor industry outlook.

"However, concerns of a "sharper-than-expected" slowdown in China, deflation risks and a volatile recovery in the Eurozone may weigh on the growth prospects."

Sunright said it will focus on strengthening its innovations and developmental efforts to meet the customers' needs.