Midas Holdings' net profit soars 27.6% to $5.8m

This is despite corroding performance of businesses.

Its business segments may not be doing well, but Midas Holding’s profit after income tax expense rose 27.6% to $5.8 million (RMB28.7 million) for the six months ended June 30 2016 compared to the S$4.5 million (RMB22.5 million) during the same period a year ago.

According to Midas, group revenue was down 1.2% to S$138.7 million (RMB686.4 million) in 1H16 from S$140.4 million (RMB694.9 million) in 1H15. This was largely due to a drag from the aluminium alloy extruded products division that had a turnover of S$138.2 million (RMB684.2 million) in the first half of 2016, a dip of 0.8% or S$1.1 million (RMB5.3 million) from 1H15.

The smaller business, polyethylene pipe division, plunged 59.5% or S$646.6k (RMB3.2 million) to S$446.6k (RMB2.2 million) in 1H16.

The company’s orderbook as at 30 June 2016 is about S$175.7 million (RMB870 million).