(EnergyAsia, May 22, Thursday) — Singapore’s Advanced Holdings Ltd said its first quarter net profit rose to S$2.1 million while its revenue surged from S$5 million to S$22.9 million over the same period last year. (US$1=S$1.36).

The company attributed its improved performance to increased contributions in established markets such as China and growing markets in other Asian countries.

With the improved financial results, Advanced achieved earnings of 0.66 cents per share and net asset value of 22.15 cents per share for the quarter.

It also ended the quarter in a strong position with net cash holdings of S$58 million, an up by around 13.9% from last December.

The strengthened financial position will allow it to take advantage of future acquisition and investment opportunities on the world market.

Managing director Kar Wong said: “The group’s excellent performance this quarter reflects the success of our four-pronged strategy to strengthen and drive our business and sales growth in our key markets.

“We also benefited from the ongoing boom in the global energy market, and sustained industrial growth in fast-growing emerging economies. We will continue to invest our resources in developing new markets, enhancing our professional capabilities and strengthening our geographical presence to enable us to better serve our customers.”

The company said it will pay shareholders an interim, tax-exempt dividend of 0.35 cents per share.

Founded in 1993, Advanced Holdings today designs, licenses and supplies proprietary process equipment and process technologies for its customers in the chemical, petrochemical, oil, gas, power generation and microelectronics industries.