SVI Achieves 26% Consolidated Revenue Growth in 2Q16

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Thailand-based electronics manufacturing services (EMS) firm SVI Public Co. Ltd has reported strong results for the second quarter of 2016. The second quarter consolidated revenue reached THB2,927 million ($83 million), an increase of 39% over the first quarter, and an increase of 26% from the same period last year. It was mainly driven by the revenue of the company’s European operations (THB767 million fully consolidated this quarter).

The company's revenue in the second quarter was THB2,159 million, an increase of 42% over THB1,522 million reported in the first quarter. Industrial products were gaining momentum, whereby new product group, such as public transportation, power electronics and medical products were added in.

Total consolidated gross profit for the quarter reached THB246 million or 8.4% of revenue. This represents an increase of THB65 million or 36.5% versus the previous quarter. The company's gross profit in 2Q 2016 is THB192 million, compared to the first quarter's gross profit of THB121 million, an increase of 59%.

Selling and administrative expenses of the company and consolidated expenses for this quarter were THB88 million and THB144 million, respectively. Consolidated selling and administrative expenses were higher by THB51 million, mainly due to the consolidation of selling and administrative expenses of European operations acquired beginning of this year.

Consolidated net profit for the quarter totaled THB574 million, down from THB1,137 million in the same period last year mainly due to less receipts of fire damage compensation paid by insurance companies and the corporate income tax of THB50 million reserved for the BI compensation received up to the first half of the year.

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