Micro-Mechanics Ltd. Reports Unaudited Group Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Capital Expenditure Guidance for the Full Year of 2018; Reports Plant, Property and Equipment Written Off for the Second Quarter Ended December 31, 2017
January 27, 2018 at 04:17 am
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Micro-Mechanics (Holdings) Ltd. reported unaudited group earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported revenue of SGD 15,649,498 compared to SGD 14,181,744 a year ago. Profit from operations was SGD 4,937,067 against SGD 4,261,811 a year ago. Profit before income tax was SGD 4,937,067 against SGD 4,261,811 a year ago. Profit for the period was SGD 3,903,774 or 2.81 cents per diluted share against SGD 3,362,239 or 2.42 cents per diluted share a year ago. Net cash from operating activities was SGD 7,537,335 against SGD 4,811,975 a year ago. Purchase of property, plant and equipment were SGD 3,832,377 against SGD 1,319,309 a year ago. The Group's revenue increased 10.3%, this was driven mainly by higher sales in Singapore, the Philippines, China and the USA. Group revenue would have been higher if not for the translational impact of the depreciation of the US dollar and the Philippine Peso by 2.6% and 7.1% respectively against the Group's reporting currency in Singapore Dollars.
For the six months, the company reported revenue of SGD 33,343,952 compared to SGD 27,540,263 a year ago. Profit from operations was SGD 11,633,072 against SGD 8,766,036 a year ago. Profit before income tax was SGD 11,633,072 against SGD 8,766,036 a year ago. Profit for the period was SGD 9,074,764 or 6.53 cents per diluted share against SGD 6,742,727 or 4.85 cents per diluted share a year ago. Net cash from operating activities was SGD 11,892,063 against SGD 9,085,453 a year ago. Purchase of property, plant and equipment were SGD 5,986,928 against SGD 2,209,213 a year ago. The Group's revenue increased was due mainly to higher sales in Malaysia, Singapore, the Philippines, China and the USA. Net asset value per ordinary share was 41.12 cents.
For the quarter, the company reported plant, property and equipment written off of SGD 52,000 against SGD 1,432,000 a year ago.
The company expects to incur total capital expenditure of approximately SGD 10.0 million during 2018.
Micro-Mechanics (Holdings) Ltd. is a Singapore-based integrated mechanics solution company. The Company is engaged in the business of designing, manufacturing, and marketing high precision tools and parts used in process-critical applications for the wafer-fabrication and assembly processes of the semiconductor industry. The Company is also engaged in the contract manufacturing of precision parts and tools used in process-critical applications for the semiconductor wafer-fabrication industry. The Company's segments include Singapore, Malaysia, the Philippines, the USA, and China. Its products and solutions include Semiconductor, which include Die Attach, Wire-bonding, and Encapsulation. Its Die Attach products include Rubber Tips (Integrated Circuits), High-Temp Plastic Tools, Tungsten Carbide Collets, Sensor Assembly (ASM), Vacuum Wand Tools, Dispensing Nozzle Adaptors, Epoxy Stamping Tools, Die Ejection, Wire Bonding, and Encapsulation, among others.
Micro-Mechanics Ltd. Reports Unaudited Group Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Provides Capital Expenditure Guidance for the Full Year of 2018; Reports Plant, Property and Equipment Written Off for the Second Quarter Ended December 31, 2017