WBL Corporation said it recorded a net attributable loss of $11.4 million for the second quarter ended 31 March 2013 (2QFY13), mainly due to losses incurred by one of its listed Technology subsidiaries, Multi-Fineline Electronix, Inc. (MFLEX).

In the 2QFY13, the conglomerate with businesses in automotive, property, technology and engineering, manufacturing & distribution, recorded revenues of $600.4 million, compared with $598.5 million in the corresponding period in 2QFY12.

In 2QFY13, revenue for the Automotive division increased 19.9% to $276 million, mainly due to higher COE premiums and higher sales of premium brands in Singapore, as well as higher volume sold in Malaysia and China. Sales in Singapore continued to be strong, despite the Government’s recent announcement of a tiered system for the Additional Registration Fee (ARF), as well as revisions to the quantum and tenure of car loans. Operational net attributable profit increased 7.5% to $7.2 million, compared to $6.7 million in the previous corresponding period.

Sales from the Property division declined by 26.3% yoy to $2.8 million in 2QFY13, mainly due to lower recognition of sales for its various developments, based on the completion-of-construction accounting method. The division incurred an operational net attributable loss of $3.4 million. In end March 2013, Huaxin International launched for sale, its strata-titled serviced apartments in Shenyang Orchard Summer Palace.

The Technology division incurred an operational net attributable loss of $17.1 million on the back of $255.2 million in revenue, as compared with operational net attributable profit of $9.3 million and revenue of $297.1 million in the corresponding quarter last year.

Net sales of MFLEX in 2QFY13 were US$173.7 million ($213.3 million), a 16.5% decrease from net sales of US$208.0 million in the same quarter last year. Translated to Singapore dollars, sales were $215.9 million, a yoy decrease of 17.8%.

MFLEX recorded a US$10.9 million inventory write-down as a result of unusable components, as well as a small portion that was written-down as a result of uncertainty in near-term demand forecasts. The group’s operational net attributable loss from MFLEX was $18 million, compared to an operational net attributable profit of $8.1 million in 2QFY12.

Net sales of MFS in 2QFY13 were $39.3 million, a 13.6% increase from $34.6 million in 2QFY12, largely contributed by the Flexible Printed Circuits business. The group’s operational net attributable profit from MFS was $0.9 million, compared to $1.2 million in 2QFY12.

In 2QFY13, the Engineering, Manufacturing & Distribution division registered a 0.4% increase in revenue to $52.9 million, mainly due to higher sales recognised for its systems integration unit, O’Connor’s, which recorded higher sales from its Security and Surveillance business. Operational net attributable profit declined 4.5% to $4.2 million, due to lower gross margins from the building materials business.