Micro-Mechanics profit unchanged at $1.2m in 1Q13

Revenue decline offset by expense reductions.

"While Group revenue in 1Q13 eased slightly by 4.6% to S$9.9 million, Micro-Mechanics still achieved a stable bottom line result due to its latest initiatives to boost productivity and the efficiency of its manufacturing operations. In 1Q13, the Group saw gross profit (GP) margin improve to 49.0% from 45.1% in 1Q12, lifted by a 4.4 percentage point gain in its core semiconductor tooling segment’s GP margin to 56.6%," said Micro-Mechanics, a manufacturer of high-precisions tools and parts, in a release accompanying its results for three months ended 30 September 2012.

"As at 30 September 2012, the Group’s balance sheet had total assets of S$44.4 million, shareholders’ equity of S$38.0 million, cash and cash equivalents of S$8.0 million and no bank borrowings," it added.