Stock News: Hi-P reduces 1st quarter forcast!

Hi-P International Ltd may drop after announcing that it expects a 7.5 pct drop in first quarter to March revenue to 185 mln sgd from 200 mln in the fourth quarter of 2005. Earlier the company was looking at first quarter sales and profit to be flat compared to the preceding quarter. Net profit for the first quarter is estimated to amount to 11 mln sgd, compared to the 21.9 mln it reported in the preceding quarter. "The revenue shortfall comes from a weaker-than-expected performance in March due to unexpected order push-outs. The push-outs were due to component shortages affecting some of our customers," Hi-P said. Hi-P expects to release its first quarter results on May 3. It closed 0.02 sgd lower at 1.43 last Thursday.