Hi-P raises profit guidance for second quarter

Singapore two-dollar bills

Contract manufacturer Hi-P International guided Thursday for lower revenue, but higher profit for the second quarter, compared with the second quarter of 2018.

In its first-quarter results, Hi-P had previously guided for lower revenue and similar profit for the second quarter.

“The difference between our unaudited results and the previous guidance for the second quarter of 2019 is mainly due to change in product mix,” Hi-P said in a filing to SGX.

Hi-P’s second quarter results are due on 2 August.

In May, Hi-P reported its first quarter net profit rose 5.8 percent on-year to S$10.7 million despite pricing pressures and a shift toward a lower-margin product mix, amid a smaller foreign exchange loss.

At the time, Hi-P guided for higher revenue and profit the second half of 2019 than in the first half of 2019, and for the full-year, it expected revenue and profit would be similar to 2018’s level.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.