Cheung Woh Technologies posts net loss in Q1

SINGAPORE - Hard-disk drive manufacturer Cheung Woh Technologies posted a comprehensive loss of S$2.3 million for the first quarter, compared with a net profit of $1.3 million the same period a year ago.

Revenue dropped 21.2 per cent to S$16.6 million for the three months to May 31, from a year earlier, owing to a drop in demand for air combs, among other things.

This was partially offset by higher takings in the precision metal stamping components segment, lifted by sales to a new customer.

Quarterly loss per share was half a cent, down from earnings per share of 1.05 cents a year ago. Net asset value per share was 35.21 cents as at May 31.