YHI reports double digit profit and sales drops 1H 2013

YHI International Limited has reported revenue of S$250.4 million for the first six months ended 30 June 2013. This represents a significant drop from the S$277.4 million reported in the same period last year. But there was worse news when it came to profitability, with the company reporting net profits of S$3.5 million, roughly two-thirds less than the S$11.7 million reported in the same period in 2012. Revenue from the distribution segment, which makes up of 74.9 per cent or S$187.6 million of the total revenue, remains as the main driver of the Group’s turnover in the first half of 2013.

Commenting on the news and referring to the outlook for the rest of the year, executive chairman and group managing director, Richard Tay said: “We believe that the recovery of the global economy will continue to be weak with very moderate signs of improvement. As such, the business and operating environments in the markets which we have operations in remains challenging as we experienced slowdown in orders from some of our customers. While we are mindful of the uncertainties in the global economic outlook, we have taken the appropriate measures to maintain a tight rein on our cost and at the same time, prudently growing our businesses.”