Baker Technology Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the period, the company reported revenue of SGD 35.101 million against SGD 10.645 million a year ago. Profit before taxation was SGD 14.245 million against SGD 2.143 million a year ago. Net profit attributable to equity holders of the company was SGD 13.605 million against SGD 1.393 million a year ago. Net cash used in operating activities were SGD 16.888 million against net cash flows from operating activities of SGD 3.406 million a year ago. Purchase of property, plant and equipment was SGD 0.075 million against SGD 0.017 million a year ago. Net asset value per ordinary share based on issued share capital at the end of the period was 27.3 cents against 24.5 cents a year ago. Diluted earnings per share were SGD 1.94 against SGD 0.14 a year ago. Revenue increased 230% due mainly to the progressive recognition of orders, especially those secured during fiscal year 2011. Net cash outflow from operating activities mainly due to higher working capital requirements as a result of higher work-in-progress and receivables, coupled with payment to suppliers. The company also reported that, the increase in revenue was mainly due mainly to the progressive recognition of orders, especially those secured during fiscal year 2011. The decrease in profit was mainly attributable to lower margins in first quarter of 2012 as a result of different product mix and competitive pricing. The company expects to be profitable in fiscal year 2012.