SINGAPORE - Electronics firm Valuetronics has posted net profit of HK$147.9 million (S$24 million) for its financial year ended March 31, an 88 per cent rise over the preceding year.

The Singapore-listed group achieved the strong results by changing its product sales mix and growing its industrial and commercial electronics segment, resulting in higher margins and profits, it said on Wednesday.

Revenue for the year rose 10.1 per cent to HK$2.4 billion.

The group also announced the start of a formal dividend policy, aiming to give shareholders an annual dividend payout of 30 to 50 per cent of net profit attributable to shareholders.

For the year just ended, it is recommending a final dividend of 16 HK cents per share and a special dividend of four HK cents per share. In total, this will amount to 50 per cent of the net profit attributable to shareholders.

"In the coming financial year, we will continue to our success by expanding our customer base and supporting our customers in their product innovation and evolving needs," said Valuetronics chairman and managing director Ricky Tse Chong Hing.

Earnings per share for the group rose to 40.6 HK cents for the financial year, up from 32.9 HK cents the year before.

Group net asset value per share increased to HK$1.97 as at March 31, from HK$16.5 a year ago.

Shares of Valuetronics were 1.5 cent higher at 39 cents in the first hour of trading on Wednesday.