Innotek’s revenue dipped 12.9% in Q3 as Japanese customers exit

Net loss came in at $2.3m.

SGX Mainboard-listed precision metal firm Innotek reported disappointing results for Q3. Slowdown and intense competition in Japanese consumer electronic products had to weaker performance in all three business segments, resulting in a 12.9% year-on-year decline in its Q3revenue to S$58.1 million from S$66.6m last year.

The poor performance of the Precision component segment was due to the fall in demand for TV back panels from major Japanese customers and the early end-of-life for current automotive programmes.

InnoTek recorded Q3 net loss of S$2.3 million, a marginal improvement from a loss of S$2.8 million in Q3 last year. This was mitigated by a S$0.9 million net gain on the disposal of Sabana Reit shares in the current quarter. 

InnoTek’s net cash position stands at S$23.1 million, comprising total cash balance of S$34.3 million less total borrowings of S$11.2 million, as at 30 September 2014. 

Loss per share for Q3’14 was 1.27 Singapore cents while net asset backing per share as at 30 September 2014 stood at 65.6 Singapore cents.