Willas-Array suffers 37% drop in profit

Willas-Array Electronics (Holdings) said its net profit fell by 36.7 per cent to HK$29 million (S$4.7 million).

This was despite a 1.2 per cent rise in revenue to HK$3.2 billion for the year ended March 31.

It was a tale of two halves.

Revenue dropped by 2.3 per cent in the first six months which was primarily due to the gradual transfer of Toshiba-related business to GW Electronics Company, commencing January 2013.

The second half year saw an increase of 5.2 per cent in growth, mainly due to the effort by its sales and marketing workforce.

Earnings per share shrank to 7.78 HK cents from 12.3 HK cents previously while net asset value per share rose by 2.52 HK cents to 149.61 HK cents.

A final dividend of 1.1 cent a share was proposed, up from one cent last year.