SINGAPORE: Mainboard-listed consumer electronics manufacturer Hi-P International said Tuesday its third quarter net profit fell nearly 58 per cent on-year to S$10.8 million.

Revenue for the three months ended September fell 37.8 per cent to S$157.8 million.

The company said this was mainly due to the End-Of-Life of several projects, which has resulted in a decrease in the average selling price and sales volume.

Looking ahead, Hi-P said new projects in the fourth quarter are expected to be on schedule and contribution will be in 2010.

It said it will continue to expand its component module range and pursue value-added processes to improve its capabilities and margins.

- CAN/yb