SINGAPORE - Mainboard-listed Aztech Group said on Thursday its net profit after tax for the third quarter dropped 17.7 per cent to $2.01 million, due to stiffer competition and rising cost pressures from wages and raw materials.

The company, which has businesses in areas ranging from electronics to food, said revenue for the three months ended Sept 30 rose 18.6 per cent from the same period a year ago to $79.3 million.

Its electronics segment did particularly well, with turnover growing 8.5 per cent during the period, " largely due to an increase in contract manufacturing services to a Fortune 500 customer", Aztech said.

Looking ahead, the firm said in a statement posted on the Singapore Exchange website that it expects slower economic growth in China and the slow recovery of the European market will affect the overall business environment.

"The group remain cautious of its performance for the next reporting period and next 12 months," it added.

"The group will continue to seek out new business opportunities while maintaining its cautious posture in managing costs, working capital and driving product innovation and productivity."