IPCO International's Q1 net profit up 3.5%

SINGAPORE - Investment holding firm IPCO International reported that first-quarter net profit inched up 3.5 per cent cent to $1.4 million on Thursday.

Turnover rose 41.3 per cent to $13.5 million for the three months to July 31.

The firm, which has been linked to firms involved in 2013's penny stock crash, said the improved turnover was owing to its subsidiaries.

ESA Electronics which operates in the semiconductor industry, for instance, recorded a 76.7 per cent increase in first-quarter turnover to $7 million, compared with a year ago, as there was higher demand for burn-in boards by semiconductor manufacturers in the current quarter.

Quarterly earnings per share was 0.03 cent, same as a year ago, while net asset value per share was two cents as at July 31, unchanged from April 30.