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Midas posts 8.6% fall in 1Q earnings to $2.1 mil

PC Lee Published on Fri, May 13, 2016 / 7:43 PM GMT+8

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SINGAPORE (May 13): Midas Holdings, the manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector, posted 1Q16 earnings of RMB10 million ($2.1 million), down 8.6% from RMB 10.9 million in 1Q15 a year ago.

Revenue fell 5.3% to RMB303.5 million from RMB320.6 million as the Aluminium Alloy Extruded Products Division saw a 5.2% decline in revenue. Within the division, the Transport Industry was the key revenue contributor, accounting for 71.7% of revenue recorded for the quarter under review.

The Power Industry and Others segment accounted for the remaining 12.2% and 16.1% of the division’s revenue respectively. The Others segment mainly comprises the supply of aluminium alloy rods and other specialised profiles for industrial machinery.