Tuesday 05 Nov 2024
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SINGAPORE (May 10): Semiconductor manufacturer UMS Holdings reported a 55% drop in 1Q earnings to $3.4 million from a year ago.

Revenue slipped 26% to $20.4 million, dragged down by lower contribution from its semiconductor business, which accounted for most of its revenue. Other revenue increased from $0.12 million to $0.75 million from shipments of oil and gas industry products.

Gross material margin grew by 3% to 60% in 1Q as a result of the stronger greenback against the Singapore dollar.

The group expects 2Q activities to stay subdued. Earlier this year, it invested into a Malaysia aerospace manufacturer, which the group sees as its long-term growth strategy. 

UMS shares ended 2.5% higher at 61.5 cents.

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