| Latest Forum Topics / Interplex Hldgs Rg |
 Post Reply
|
|
Amtek Results Annoucement
|
|
|
katak88
Senior |
16-Dec-2010 22:26
|
|
x 0
x 0 Alert Admin |
Business Times - 16 Dec 2010 Amtek Q1 net profit doubles to US$12.5m By FELDA CHAY BACKED by higher sales in some of its business segments, newly listed Amtek Engineering reported a more than doubling in its first-quarter net earnings. The precision engineering group, which made a listing comeback three years after it was taken private, posted a net profit of US$12.5 million for the three months ended Sept 30, compared with US$6 million in the year-ago period. This translates into earnings per share of 2.3 US cents, against 1.1 US cents last year. Revenue rose 11 per cent to US$166.4 million from US$149.7 million a year earlier, said Amtek in an announcement yesterday after the market closed. The group's results came despite weaker sales to the IT industry, which affected sales from its mass storage device business segment. According to the group, revenue from the sector fell 8 per cent to US$26.9 million. This drop was offset by rising demand from its other business divisions, such as consumer and electronics products, imaging and printing products, and electrical and electronic component products. Amtek expects the current financial year 'will remain satisfactory'. Said Daniel Yeong, Amtek's chief executive: 'We also believe our diversified industry segment strategy has served us well during challenging times.' Amtek said in its financial statement that its electrical and electronic component product segment saw a 57 per cent jump in revenue to US$17.3 million, while its consumer and electronics division enjoyed a 7 per cent increase to US$25.5 million. Turnover for its automotive products rose 24 per cent to US$20.8 million. Amtek was listed earlier this month to lukewarm investor reception. Its public tranche offer - initially set at 20 million shares in size - was undersubscribed, with total applications coming to 11.727 million shares. Its shares have been trading below its listing price of $1.30 a share. On Tuesday, Morgan Stanley - appointed by the firm as its stabilising manager - bought up 407,000 Amtek shares, in a series of such stabilising action that was taken since the stock's trading debut. Yesterday, Amtek's shares rose three cents to close at $1.08. |
| Useful To Me Not Useful To Me | |