Written by The Edge
Adampak, the manufacturer of labels, seals and other precision die-cut components, says net profit for the three months ended 30 June 2010 (2Q2010) surged 60.2% y-o-y to US$2.3 million ($3.1 million). Revenue grew 16.5% to $15.4 million.
In 2Q, Adampak says the Telecommunication sector grew 62% y-o-y to US$1.5 million while the Other Electronics sectors increased by 31.1% y-o-y to US$4.4 million. Non-electronics segment grew 43.4% to US$1.6 million. The group’s HDD segment grew 0.9% to US$7.9 million despite a traditionally tough period.
Expenses for the quarter were largely kept in check with distribution and selling expenses growing in line with sales, increasing 15.8% to US$1.0 million. Administrative expenses grew 23.2% to US$1.3 million mainly due to performance related incentives.
As a result, profit before tax for 2Q was increased by 49.7% yoy to US$2.9 million. Tax expenses rose 16.9% y-o-y to US$0.5 million on higher profit.
