GP Batteries back in black for the full year as sales improved

Battery maker GP Batteries on Wednesday, May 27, 2015, reported a smaller net loss of $2.3 million for the fourth quarter, compared to the $26 million loss in the same period a year ago. -- PHOTO: GP BATTERIES LT 
Battery maker GP Batteries on Wednesday, May 27, 2015, reported a smaller net loss of $2.3 million for the fourth quarter, compared to the $26 million loss in the same period a year ago. -- PHOTO: GP BATTERIES LT 

SINGAPORE - GP Batteries reported a smaller net loss of $2.3 million for the fourth quarter, compared to the $26 million loss in the same period a year ago.

This came on the back of a 2.9 per cent year-on-year growth in revenue to $170.3 million, as sales of primary batteries rose 3.4 per cent in the three months to March 31, said the battery maker.

For the full year, it reported a net profit of $13 million, reversing from a loss of $52 million in 2014.

A key driver to the better sales was the American market, where turnover for the 12 month period grew 20.1 per cent. In Asia, sales grew 5.2 per cent.

Despite the better results, business outlook remains mixed, GP Batteries said.

"In spite of the expected challenge of volatile currencies especially in European regions, the group is optimistic in gaining market share in some emerging markets… The group will strengthen its branding and distribution networks in selected markets."

Loss per share for the fourth quarter shrank 92.9 per cent to 1.4 cent. For the full year, the company reported earnings per share of 7.88 cents, overturning a loss per share of 42.97 cents the year before.

A final dividend of 2.5 cents a share was recommended.