Elec & Eltek expects profit turnaround for full year 2016

SINGAPORE - Elec & Eltek International Company announced on Friday that the group is expected to record of a net profit of over US$10 million (S$14.3 million) for the year ended December 31 last year.

This will be a turnaround from a net loss of about US$4.8 million in the year before.

Elec & Eltek said the increase in net profit are mainly due to a higher sales proportion of higher profit margin products, arising from an adjustment in product mix allocation as disclosed in its 2016 Interim Report, as well as an increase in profit margin of the products manufactured and sold by the group.

The group is still in the process of preparing its audited consolidated annual financial results for the period.