Meitec has a solid half year
Meitec has announced its results for the six months from April 1, 2018 to September 30, 2018. The company said, "many leading manufacturers, which are the major clients of the Company, continued steady investment in technological development looking to the next generation regardless of business conditions. Amid a firm order environment, the number of engineers assigned to clients steadily increased. This was mainly due to assignment of 560 newly graduated engineers who joined us in April 2018 (MT: 357, MF: 203) to clients proceeding steadily.
As a result, consolidated net sales for the period under review increased
\1,754 million, or 3.8%, from a year earlier to \47,621 million.
Consolidated cost of sales rose \1,239 million, or 3.6%, from a year earlier to \35,288 million, chiefly because of higher labor costs due to an increase in the number of engineers. Consolidated selling, general and administrative expenses rose \130 million, or 2.0%, from a year earlier to \6,505 million.
As a result, consolidated operating profit increased \384 million, or 7.1%, from a year earlier to \5,827 million, and consolidated ordinary profit rose
\382 million, or 7.0%, from a year earlier to \5,830 million. Profit attributable to owners of parent increased \359 million, or 10.2%, from a year earlier to \3,885 million.