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Hi-P International reverses into the red

Published on May 5, 2014 8:30 PM

Fewer orders from key customers and an increase in minimum wages by Chinese local government authorities sent Hi-P International's first quarter earnings into the red.

The global contract manufacturer of consumer electronics recorded a net loss of $12.3 million.

Revenue for the three months to March 31 fell by 33.1 per cent to $178.9 million.

Loss per share was 1.5 cents compared to a profit of 0.83 cent previously, while the net asset value per share eased to 70.18 cents from 73.09 cents as of Dec 31.

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