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Elek & Eltek suffers slump in Q1 earnings on slower orders

Published on Apr 29, 2014 10:38 PM

Elek & Eltek International Co posted a 71 per cent drop in first quarter net earnings to US$1.2 million (S$1.5 million).

Revenue for the three months to March 31 was flat at US$115.7 million.

The group's performance was impacted by slower orders from customers in the first two months of the year, in line with normal seasonality.

The labour supply was tight around the Chinese Lunar New Year period as migrant workers went back to their home town for the holidays.

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