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Cheung Woh Technologies Reports Net Loss For 3Q18

Joey Ho
Updated

Cheung Woh Technologies (Cheung Woh) reported a net loss of $0.4 million for 3Q18 due to significantly lower gross profit margins.

Turnover for 3Q18 increased by 5.8 percent to $21.5 million as a result of higher sales in HDD components segment which increased by 9.3 percent quarter-on-quarter. However, cost of sales increased by 15.7% to $19.6 million mainly due to higher materials and labour costs incurred.

Cheung Woh also added that turnover for baseplates is expected to be affected in 4Q18 due to depletion of headcounts around the Chinese New Year period as well as the long shut down period in China for the festive season.

The group’s shares last changed hands at 18.1 Singapore cents, before its earnings were announced.