Cable solutions firm Lantrovision sees Q2 net profit fall to $4.3 million

SINGAPORE - Cable solutions firm Lantrovision said its second-quarter net profit fell to $4.3 million from $5.5 million a year ago.

Revenue for the three months to Dec 31 fell 11 per cent to $38.8 million.

The drop in revenue was owing to a drop in demand for installation projects in Singapore, China and Taiwan.

The increase in distribution and selling expenses by about $600,000 was due mainly to higher net allowance for impairment loss on trade receivables in the quarter.

The firm also noted that there was a decrease in other operating expenses by about $600,000, due to foreign exchange gain and a decrease in staff incentives.

Net profit for the half year fell to $7.5 million from $8 million a year ago, while revenue for the six months to Dec 31 dipped slightly by 3 per cent $76.6 million.

Earnings per share for the quarter was 1.59 cents, down from 2.03 cents a year ago, while net asset value was 40.98 cents as at Dec 31, down from 41.2 cents as at June 30.