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.

Join ST's Telegram channel and get the latest breaking news delivered to you.