Innotek reports sharp drop in Q1-2011 net profit to S$0.8mn down from S$4.2mn in 2010.......guiding for weaker revenue in Q2-2011 over Q1-2011 because of the earthquake and Tsunami in Japan
Tuesday, 10 May, 2011 9:19 AM
Posted by Kevin Scully
Innotek announced a disappointing set of Q1-2011 results. There will be an analyst's meeting this afternoon and I will get more information then. But for now - key highlights based on their announcement are:
a) revenue fell 2.4% to S$91.3mn
b) gross profit declined 29% to S$14.8mn from a compression in margins from higher material prices
c) net profit declined 82% to S$0.8mn
d) EPS was 0.15 cents
e) NAV was S$0.85
f) gross cash was S$71mn down from S$89mn
g) bank loans was S$25.9mn down from S$32.8mn
h) inventories rose S$8mn
The Group attributed the ......
