Micro-Mechanics’ net profit up 96% to $2.7m in Q2

On back of higher sales and lower expenses.

High precision tools manufacturer Micro-Mechanics reported a 96% year-on-year jump in its net profit to $2.7 million for 2Q15.

The growth was attained on the back of 23% revenue growth to $12.9 million, a 54.7% growth in gross profit margin and a tight rein on overhead expenses.

Coupled with its strong performance in 1Q15, the group achieved its highest-ever half-year net profit of $5.5 million for 1H15, up 55.3% from S$3.5 million in 1H14.

The group has raised its dividend payout to 2 cents per share for 1H15. This will comprise a special dividend of 1 cent per share on top of an interim dividend of 1.0 cent per share, which are to be paid on 17 February 2015.