SINGAPORE - Technology firm Hi-P's third quarter net profit more than tripled to $10.8 million for the three months ended Sep 30.

Net profit rose despite revenue falling 32.7 per cent to $245.7 million.

It said the turnover declined mainly due to decreased sales volumes from two key customers who were affected by a drop in market demand and changes to business strategies.

Lower selling, distribution and administrative costs, which dropped 23.4 per cent to $17.5 million, enabled the firm to lift its profitability.

Earnings per share stood at 1.32 cents, up from 0.38 cent previously, while net asset value per share dropped to 71.43 cents from 73.09 cents at the end of December.