Precision plastics parts maker Fu Yu Corp has managed a turnaround for 1QYF2024, recording earnings of $5,200, versus a loss of $2.4 million in the year-earlier period.
Revenue in the same three months ended March was $78.9 million, double that of $36 million recorded year-earlier, as the company managed to win more contracts.
Fu Yu has also announced some new key wins, including one to be the exclusive plastics supplier for a Singapore-based medical device maker.
“We have recorded an encouraging first quarter, as we not only reported higher revenue and a transition to a net profit from a net loss last year, but also secured promising new projects in the biomedical industry," says group CEO David Seow.
"These project wins reflect the early fruits of our strategic transformation," he adds.
According to Seow, the company is leveraging its diversified global supply chain to manage headwinds such as delayed shipment times and higher logistics costs due to the situation in the Middle East, ongoing US-China tensions, changes in the global supply chain and rising labour and energy costs.
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"Moving forward, we will focus our efforts on expanding our project pipeline, and executing our strategic initiatives to further our growth in the coming year," says Seow.
Fu Yu shares closed at 13 cents on May 9, unchanged for the day and down 16% year to date.
