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PR Newswire
14-08-2017, 01:29 PM
Q2FY17 results - http://infopub.sgx.com/FileOpen/Q217Anno...eID=466779
The Group’s revenue for the April-to-June 2017 quarter (“Q2’17”) decreased by S$1.6 million or 3.2% to S$49.0 million from S$50.6 million in Q2’16.
The lower revenue was mainly due to:
(1) Revenue decline from the Precision Components segment, due to lower demand for office automation and consumer products. Certain major Japanese customers have also migrated new production programmes from China to plants in South East Asia. In addition, sales for automotive products were slightly lower as current programmes are nearing end-of-life while mass production from some newly secured automotive programmes will only start next year.
This was offset by:
(2) Revenue increase from the Precision Machining (previously named as Precision subassembly) due mainly to the higher sales from TV Bezel programmes in Q1’17 as compared to Q1’16.
(3) Tooling sales increased in Q2’17 compared to Q2’16. Tooling sales in Q2’16 was affected by the relocation of Feng Chuan Dongguan to consolidate its operations with Suns Mansfield Dongguan.
Innotek made an operating loss of $44k if we do not take into account dividend income and rental income from the investment portfolio and investment properties.
Share price is 33 cents, down 16.5% at the moment with the market cap of the company at $81.4M. Innotek still has strong cash position at $31M. If we take the investment portofolio into account, it would be $46M.
Pretty disappointing as no interim dividend was paid. It looks like the next 2 quarters would be pretty tough for Innotek going by their outlook in the quarterly report for the OA segment as well as the TV bezel segment.
(vested)
The Group’s revenue for the April-to-June 2017 quarter (“Q2’17”) decreased by S$1.6 million or 3.2% to S$49.0 million from S$50.6 million in Q2’16.
The lower revenue was mainly due to:
(1) Revenue decline from the Precision Components segment, due to lower demand for office automation and consumer products. Certain major Japanese customers have also migrated new production programmes from China to plants in South East Asia. In addition, sales for automotive products were slightly lower as current programmes are nearing end-of-life while mass production from some newly secured automotive programmes will only start next year.
This was offset by:
(2) Revenue increase from the Precision Machining (previously named as Precision subassembly) due mainly to the higher sales from TV Bezel programmes in Q1’17 as compared to Q1’16.
(3) Tooling sales increased in Q2’17 compared to Q2’16. Tooling sales in Q2’16 was affected by the relocation of Feng Chuan Dongguan to consolidate its operations with Suns Mansfield Dongguan.
Innotek made an operating loss of $44k if we do not take into account dividend income and rental income from the investment portfolio and investment properties.
Share price is 33 cents, down 16.5% at the moment with the market cap of the company at $81.4M. Innotek still has strong cash position at $31M. If we take the investment portofolio into account, it would be $46M.
Pretty disappointing as no interim dividend was paid. It looks like the next 2 quarters would be pretty tough for Innotek going by their outlook in the quarterly report for the OA segment as well as the TV bezel segment.
(vested)