July 16, 2012 / 11:44 PM / 5 years ago

Singapore's Hi-P to shut Mexico unit, warns of Q2 loss

SINGAPORE, July 17 (Reuters) - Singapore electronics firm Hi-P International said late on Monday it will shut its Mexican subsidiary and report a loss for the second quarter ended June.

Hi-P had said previously it expects similar revenue but higher profit for the April-June quarter as compared to the first three months of 2012.

But due to lower-than-expected orders from an existing customer, Hi-P’s revenue will be lower in the second quarter as compared with the first.

Hi-P also said on Monday its Mexican unit, High Precision Moulding and Tools, S.A. de C.V., will cease operations effective Sept 30. The firm will make a provision of S$2.2 million to cover various costs including retrenchment benefits.

Hi-P will announce its second quarter results before the start of trading on Aug 2. (Reporting by Kevin Lim)

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