Tech firm Hi-P International posts Q3 net profit of $3.1 million, up 5.2%

Global contract manufacturer of consumer electronics Hi-P International said that its third-quarter net profit grew 5.2 per cent to $3.13 million, due to the slower ramp-up of new programs and more lower-margin high assembly projects.

This was "below our expectations", said the firm in a statement on Oct 31.

Revenue for the three months to Sept 30 rose 34.5 per cent to $365.2 million, as there were more high component content assembly projects this quarter.

Hi-P added that the decrease in orders from certain customers will affect the firm in the next quarter, and said that it is expecting a lower profit in the fourth quarter compared with the same period from a year ago.

Earnings per share were 0.38 cent, while net asset value per share was 73.86 cents as at Sept 30.