SINGAPORE - AEM Holdings, a mainboard-listed provider of equipment systems solutions and manufacturing services, reported on Tuesday (April 25) a 17-fold increase in net profit to S$4.1 million for its first quarter, from S$241,000 in the year-ago period.
This came on the back of a 3.5 times year on year rise in revenue to S$42.1 million for the three months ended March 31, 2017. AEM said the commercial success of its next generation semiconductor handling platform, which was commercially adopted by its key customers in late 2016, has yielded in increasing orders since the fourth quarter of last year.
As a result of the strong earnings growth, the group generated S$2.9 million of operating cash after changes in working capital.
Said Mr Charles Cher, AEM's group CEO: "We continue to strengthen our sales orders which now stand at S$152 million for equipment and kits to be delivered in 2017. With these strong sales orders, we expect to achieve revenue and operating profit before tax for the first nine months of 2017 of at least S$142 million and S$17.5 million respectively."