, Singapore

Midas net profit spikes 39.4% to $2.55m

Thanks to lower tax expense.

A sharp reduction in tax expense gave Midas Holdings a profit boost in the second quarter, but high startup costs eroded the improvement in its revenue and margins.

According to OCBC, the group’s revenue rose 11.3% to $82.1m (RMB 374.3m) on back of higher contributions from its Aluminum Extruded Products division. Gross margins improved to 27.7% while tax expenses fell by 71.4%.

“Midas’ near-term growth outlook remains uncertain, with one of the key risks being the pace and ability to ramp-up of its new business in producing aluminium plates and sheets,” OCBC said. 

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley