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• Proposes first and final dividend of 5 cents per share for FY09, unchanged from
FY08
SGX Mainboard-listed InnoTek said the net profit was achieved despite a fall in
revenue to S$361.5 million in FY09 amidst a global business and economic
slowdown, compared to S$421.6 million in FY08. InnoTek had recorded higher
impairment charges of S$8.5 million in FY08 compared to S$2.8 million in FY09.
Media Release – InnoTek’s FY09 Net Profit Rises To S$7.6 Million
February 2010
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For the whole of FY09, MSF’s net profit rose to S$9.3 million on turnover of S$361.5
million from a loss of S$6.1 million on turnover of S$421.6 million in FY08, due
mainly to lower material price and improvements in operating efficiency.
While revenue in all business segments fell in FY09, the decline was sharpest in the
Components and Assembly and Tooling business (collectively referred to as
“Precision Components and Sub-assembly”) due to lower demand for LCD TVs and
related products. The Frame business revenue also declined due to lower demand
for printing equipment.
The net profit growth of MSF was offset by a corporate loss of S$1.7 million due
largely to foreign exchange loss attributed to a weaker US dollar. This was however
mitigated by a write-back of tax provision on exemption on remittance of overseas
interest income in FY09.
Earnings per share rose to 3.3 cents in FY09, compared to a loss of 3.0 cents per
share in FY08. Net asset backing per share as at 31 December 2009 stood at 85.8
cents (following dividend payment of 5.0 cents a share in May 2009) compared to
88.6 cents per share a year earlier.
The Group’s financial position remains healthy, having generated S$15 million of
positive operating cash flow in Q4’09. As at 31 December 2009, the Group had cash
and cash equivalents of approximately S$109.3 million and total borrowings of
S$42.8 million, amounting to a net cash position of S$66.5 million or 28.6 cents per
share.
To reward shareholders, the Group has proposed a first and final one-tier tax-
exempt dividend of 5.0 cents per share, unchanged from a year earlier.
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Media Release – InnoTek’s FY09 Net Profit Rises To S$7.6 Million
February 2010
Page 3 of 3
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The Group will continue to proactively explore appropriate merger and acquisitions
opportunities. “We will maintain our cautious stance, focusing on earnings-accretive
businesses, and stringently evaluate feasible investment proposals,” Mr Yong said.
## End of Release ##
With over 10 manufacturing facilities across China and Europe, the Group’s wholly
owned subsidiary, Mansfield Manufacturing Company Limited (“MSF”), provides
precision metal stamping, commercial tool and die fabrications, sub-assembly work
and frame manufacturing services to a strong and diversified base of Japanese and
European end-customers.