Miyoshi bounces back to black with $300,000 net profit in Q1

Thanks to better cost management.

Mainboard-listed integrated engineering corporation Miyoshi Limited reported a $300,000 net profit in the first quarter of its financial year.

This compares with a net loss of $1m in the same period last year.

Group revenue, however, eased by 13.4% from $13.7 million to $11.8 million mainly due to softer orders from the hard-disk drive sector that has seen an industry consolidation.

“The new financial year has brought on some encouraging indicators. Our focus on improving productivity has yielded positive results," said Andrew Sin, Miyoshi’s CEO.

Sin, however, cautioned that the operating landscape remains challenging in light of the current fluid macro-economic conditions and the somewhat sluggish demand weighing on the manufacturing sector.