Hi-P International Ltd. reported impairment charges for the first quarter ended March 31, 2013. For the quarter, the company reported impairment losses on property, plant and equipment of SGD 4.45 million compared to SGD 1.90 million a year ago. The increase in impairment losses was mainly due to impairment made on renovation and machineries with estimated net carrying value of $3.8 million which were damaged by the fire that occurred on February 19, 2013 at one of the Group's manufacturing plants in Shanghai.

The Board of Directors of Hi-P International Ltd. announced the appointment of Ms. Chan Wan Mei as Joint Company Secretary of the Company with effect from May 7, 2013.

Hi-P International Ltd. reported group earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of SGD 267.6 million compared to SGD 278.4 million reported in the same period last year. Revenue down by 3.9% mainly due to change in product mix with less high level (higher component content) assembly projects in the first quarter of 2013. Profit before tax was SGD 8.3 million against SGD 1.9 million reported last year. Net profit was SGD 6.9 million or 0.83 cents per share against SGD 1.5 million or 0.18 cents per share reported last year. Net cash generated from operations was SGD 74.6 million against net cash used in operations of SGD 3.8 million reported last year. For the first quarter of 2013, capital expenditure amounted to SGD 8.9 million for purchase of PPE. For the year 2013, the company estimated capital expenditure of SGD 90 million. The group expects higher revenue and profit in the fiscal 2013 as compared to fiscal 2012. The Group expects to record higher revenue in the second quarter of 2013 as compared to second quarter of 2012. The Group expects to record a profit in the second quarter of 2013.