Sunright reports higher profit, recommends dividend payout

SINGAPORE - Sunright reported full year net profit of $3.1 million, up from $135,000 from a year ago.

Revenue for the year ended July 31 was flat at $137 million.

A fair value loss on investments of $1.1 million was recorded, following lower market valuation of the investments.

Raw materials and consumables used, as well as changes in inventories of finished goods and work-inprogress, were lower by $5.6 million or 15 per cent to $31.2 million, due to lower sales from electronic manufacturing services and distribution.

Other operating expenses decreased by $4.6 million or 16 per cent, primarily due to:

* an exchange gain of $1.2 million, arising mainly from appreciation of US dollars denominated receivables, against Singapore dollars and Malaysian ringgit;

* an increase in gain on disposal of property, plant and equipment of $1.3 million; and

* lower production costs by $1.6 million.

Consequently, the group reported pretax profit of $7.6 million, up from $3.7 million last year.

Earnings per share climbed to 2.6 cents from 0.1 cent previously while net asset value per share inched up by 0.4 cent to 58.8 cents.

The directors have recommended a final dividend of 0.4 cent a share. No corresponding dividend was paid last year.