Sunningdale Tech's Q4 net profit up 63.3%

Plastic parts manufacturer Sunningdale Tech's fourth-quarter results were boosted by better performance from the automotive and consumer IT segments as well as foreign exchange gains.

Net profit rose 63.3 per cent to $21.5 million for the three months to Dec 31.

Revenue was up 3.4 per cent to $184.1 million, as higher turnover from automotive and consumer IT businesses was offset by declines at the healthcare and mould-fabrication segments due to fewer orders.

The firm reported gains of $8.4 million from foreign exchange and $5.1 million on the disposal of property, plant and equipment for the quarter, compared with a foreign exchange loss of $45,000 for the same period a year earlier.

Net profit fell 7.2 per cent to $39 million for the full year, while revenue rose 1.5 per cent to $684.5 million. The firm generated positive operating cash flows, strengthening its numbers with a cash balance of $115.3 million as at Dec 31.

  • AT A GLANCE

  • Q4 NET PROFIT

    $21.5 million (+63.3%)

    Q4 REVENUE

    $184.1 million (+3.4%)

    FINAL DIVIDEND:

    6 cents (+20%)

It proposed a final dividend of six cents a share, compared with five cents a year ago.

Quarterly earnings per share was 11.42 cents from 7.08 cents previously, while net asset value per share was $1.87 as at Dec 31, compared with $1.77 as at Dec 31, 2015.

The firm said: "The business landscape last year was challenging as subdued economic growth and uncertainty characterised the global economy.

"Despite the headwinds, the group ended 2016 on a positive note, posting a record year of revenue and improved operating margins as a result of its commitment to enhance operational efficiency."

With manufacturing facilities in nine different countries, it added, Sunningdale continues to receive business queries from new and existing customers.

Sunningdale shares closed three cents down at $1.285 yesterday.

A version of this article appeared in the print edition of The Straits Times on February 28, 2017, with the headline 'Sunningdale Tech's Q4 net profit up 63.3%'. Print Edition | Subscribe