ECS Holdings' profits up 11% to $9m

On the back of higher revenue.

According to OCBC Investment Research, ECS Holdings (ECS) reported a 11.0% YoY increase in its 2Q13 PATMI to S$9.0m on the back of a 23.5% hike in revenue to S$1,017.5m.

Here's more:

However, if we exclude forex and other exceptional items, we estimate that core earnings would have decreased 7.3% to S$6.9m, which was below our expectations due largely to a lower-thanestimated gross margin.

For 1H13, revenue increased 22.0% to S$2,107.8m, forming 50.1% of our FY13 forecast. Core PATMI rose 9.6% (reported PATMI jumped 21.0%) to S$15.4m, or 44.5% of our full-year estimate.

On a positive note, ECS generated healthy net operating cashflows of S$50.6m in 2Q13, which helped to lower its net gearing ratio from 50.1% (as at end 1Q13) to 38.5% (as at end 2Q13).

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