Karin Technology net profit down 82.3% in H1

SINGAPORE - Electronic components and computer products distributor Karin Technology has posted a 82.3 per cent fall in net profit to HK$5.6 million (S$1.0 million) in the first half, due to fierce competition from some new products in the consumer electronics segment.

Revenue for the six months ended Dec 31 fell 18.3 per cent to HK$1.26 billion from the same period a year ago.

This was led by a 48.9 per cent drop in consumer electronics product revenues to HK$350.1 million, due to an over-supply of certain newly-released products.

Earnings per share stood at 2.63 Hong Kong cents, down from 14.85 Hong Kong cents a year ago.

Net asset value per share was 299.1 Hong Kong cents as at Dec 31, down from 311.6 Hong Kong cents as at June 30 last year.