Inari's 4Q profit more than doubles to RM30.9 million

by **Cals** Tue 26 Aug 2014, 23:36

Business & Markets 2014

Written by Kamarul Anwar of theedgemalaysia.com

Tuesday, 26 August 2014 21:28

KUALA LUMPUR (Aug 26): Inari Amertron Bhd’s net profit for the fourth quarter ended June 30, 2014 (4QFY14) was more than double from a year earlier, at RM30.85 million against the previous corresponding quarter’s RM13.12 million, with the semiconductor player attributing the rise to higher sales among existing businesses and the weaker ringgit.

Consequently, Inari declared a fourth interim single dividend of 1.8 sen per share, which was 80% higher than the dividend declared at the same time last year. Total dividend for the financial year ended June 30, 2014 (FY14) was 6.8 sen per share.

In a filing with Bursa Malaysia, Inari said its 4QFY14 revenue was RM223.88 million or 230.89% higher than the previous corresponding quarter’s sales of RM67.66 million.

“The higher revenue was mainly due to the consolidation of Amertron Inc. (Global) Ltd (Amertron), the acquisition of which was completed in June 2013, as well as higher trading volumes from the group’s existing business units. Revenue contribution from the Amertron was RM123 million and the existing business units contributed additional RM33.2 million revenue,” explained Inari.

For FY14, Inari reported a net profit of RM101.27 million or 21.42 sen a share, and revenue of RM793.66 million. This compared with the previous year’s net profit of RM42.01 million or 11.19 sen per share, and revenue of RM241.14 million.

Inari said it looked forward to improving on its current level of performance in the electronics manufacturing services industry, when commenting on its prospects.

“The group remains optimistic in maintaining our profitable performance, as we operate in market segments that continue to show good growth in the near future, such as the continued end-user adoption of smart mobile and fiber optic devices globally,” said Inari.

Inari share price has rocketed from barely 40 sen a year ago, to RM3.23 today.