Cheung Woh Technologies reports Q1 net profit of S$3.19 million

SINGAPORE -Cheung Woh Technologies, a locally-listed hard disk drive manufacturer, reported a net profit of S$3.19 million for the three months to May 31.

This was little changed from a net profit of S$3.16 million in the same period a year earlier.

Revenue dipped 1 per cent to S$21 million.

Revenue in the precision metal stamping components segment fell by 16.7 per cent year on year, owing to weaker customer demand and the depreciation of the ringgit against the Singapore dollar.

However, revenue in the HDD components segment rose 2 per cent, owing to greater demand and the greenback rising against the Singdollar.

Earnings per share for the first quarter was 1.05 Singapore cents, unchanged from a year earlier.

Net asset value per share was 37.23 cents, up from 36.81 cents a year earlier.