Stock Earnings: Memtech Q1 net profit more than doubles!

Memtech gains after Q1 net profit more than doubles Mobile phone and automotive components maker Memtech International Ltd was higher after reporting that first-quarter net profit more than doubled to 4.76 mln usd due to strong mobile phone demand in China. Memtech was up 0.02 sgd or 5.80 pct at 0.365 with 1.76 mln shares traded. "We have seen strong growth in our international customer base since the fourth quarter of 2005 and will continue to work towards adding more to our list," Memtech executive chairman Chuang Wen Fu said. The company supplies mobile phone components to local manufacturers in China, such as Ningbo Bird, UT Starcom, and Lenovo. It also counts Motorola, Siemens and Flextronics among its customers. Barring unforeseen circumstances, Memtech said it expects to perform better in the second quarter.