Due to discontinued operations, forex losses.
SGX-listed electronics manufacturer Avi-Tech reported that its net profit dropped 36.3% year-on-year to $1.7m in the second quarter.
The drop was on back of discontinued operations of its US subsidiaries. Higher forex rates also contributed to higher administration expenses.
However, net profit from continuing operations was $1.7 million and $3.6 million in 2Q2016 and 1H2016 respectively, which was a 43.5% and a 92.9% improvement over the same period last year, rounding off a positive set of results for the Group.
The group's gross profit jumped 75.0% on the back of improved revenue of 14.1%; gross profit margin also higher at 34.7%
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