Autron Corporation Limited posts 50% growth in half yearly profit to AUD 10.6 million

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Lucas Carter
5 years ago
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1 28 February 2005 The Manager Company Announcements Office Australian Stock Exchange Limited Dear Sir re : Autron Corporation Limited posts 50% growth in half yearly profit to AUD 10.6 million The Board of Directors of Autron Corporation Limited ( Autron or the Company ) is pleased to announce that the Company has reported earnings after tax of A$10.6 million for the first six months ending 31 December This represents a strong 50% growth in operating profits after tax compared to the A$7.1 million in the previous corresponding period ending 31 December Earnings per share increased by 49% to A$1.53 cents. Enclosed for release to the market is the Company s Appendix 4D Report inclusive of the Financial Statements, Notes thereto, Directors Report, Director's Declaration and the Auditors Independent Review together with the Company s detailed press release. Yours sincerely Autron Corporation Limited per Mourice Garbutt Company Secretary copy to: The Singapore Exchange Securities Trading Limited for the attention of Ms June Sim/Ms Darrell Lam Registered Office Level 33, 120 Collins Street, Melbourne Vic 3000 Toll free phone no and Toll free fax no enquiries@autroncorp.com Website: ABN Autron Corporation Limited is an unrelated and distinct entity to Autron Electronics Pty Ltd

2 NEWS RELEASE AUTRON S INTERIM NET PROFIT JUMPS 50% TO S$13.0 million (A$10.6 MILLION) - Sees strong growth in its Equipment Management Solutions business Highlights Group s revenue increased 3% to S$ million (A$101.8 million) Profit After Tax surged 50% from S$8.7 million (A$7.1 million) to S$13.0 million (A$10.6 million) GP Margin rose 3% from 21% to 24% Earnings Per Share up 42% to 1.86 cents (and 49% to 1.53 Australian cents) Singapore, February 28, 2005 Autron Corporation Limited ( Autron ), Asia s leading assembly equipment solutions provider to the electronics manufacturing industry announced that for the half year ended 31 December 2004 ( 1H2005 ), the Group achieved a 50% increase in net profit from S$8.7 million (A$7.1 million) to S$13.0 million (A$10.6 million) on the back of a 3% revenue growth to S$124.0 million (A$101.8 million) compared to the previous corresponding period. Page 1 of 5

3 Financial Review Despite the major change of its key business partnership from Philips (Assembleon) to Fuji in May 2004, the Group s revenue continued to enjoy the growth momentum that has been achieved for the last two years. Sales from the new Fuji machines only commenced from October to December 2004 as the initial three-months period was dedicated to the training of sales and service engineers. Profit after tax jumped 50% to S$13.0 million (A$10.6 million), led by the Group s Value Added Solutions division that grew by an impressive 73% compared to the previous corresponding period, and contributed 42% to Group profit after tax. Earnings per share for the Group rose 42% from 1.31 cents to 1.86 cents (or 49% from 1.03 Australian cents to 1.53 Australian cents) while tangible net worth increased 51% from S$ 46.6 million (A$39.3 million) to S$70.1 million (A$55.1 million). The Group s improved results stem from the success of its refurbishment division, and the realignment of businesses to the Group s strategy of becoming a total solutions provider. In FY2004, Autron regrouped its business into three core areas of new machine distribution, contract design and manufacturing, and its value added solutions business which involves the provision of a full array of products and services such as equipment inventory and spare parts management, design and integration, acquisition and disposal, installation and maintenance of the entire manufacturing line, machine performance improvement, overhauling and upgrading as well as manpower training. Mr Eric Lim, the Group s Chief Financial Officer remarked, Through the refurbishment business, AGS, the Group is able to capitalise on the fast growing space in the refurbished equipment industry by offering AGS certified refurbished lines of all popular SMT equipment brands on a global basis. The refurbishment division is also the anchor Page 2 of 5

4 of Autron s equipment management solutions model which involves the outsourcing and entire management of the customers equipment assets and spare parts. Growth Drivers Mr C. L. Tan, Group Executive Chairman commented, Our focus on offering total solutions to our customers is starting to pay dividends. Through our business model of offering new and refurbished equipment, collaboration with our principals in design and manufacturing, and following through with service and spare parts support, we are now able to meet the different needs of our customers. Moving forward we expect contributions from all our core businesses to grow strongly. For our New Machine Distribution division, growth will be underpinned by the improving technology sector, the building up of full operational capabilities for our new Fuji distributorship as well as the robust potential within the growing China market. On the Value Added Solutions front, we expect the refurbishment business to continue its escalation as we see strong and continuing demand coming from electronics manufacturers worldwide. Our appointment as Fuji worldwide refurbishment partner, in addition to our 25 years of engineering experience in handling various equipment brands further cements our position as the preferred partner of choice for our customers. Going forward, Autron will continue to focus its energies on enhancing its core capabilities and to grow both organically and through acquisitions. The equipment management concept will continue to win outsourcing contracts as the Group fortifies its position as the key equipment-outsourcing partner for manufacturers of electronics products. In addition, the Group is also expanding beyond its core business markets of China and South East Asia to India, Central Europe and Brazil. Page 3 of 5

5 Said Mr Tan, We are moving to India in a big way as the market is now growing at a much faster pace. We have already been servicing several multinational customers in India from Singapore for the last three years and we are confident of replicating our successful sales and service network that we already have in China into India. We are targeting our India offices to be established during the second half of the year. What is interesting about our business is the fact that we serve a whole multitude of manufacturers in various industries including the medical, IT, aerospace, telecommunications, electronics and automobile industries. These are either essential bread & butter industries or some of the fastest growing sectors today. We are therefore confident that going forward, we should continue to do better, Mr Tan added. About Autron Corporation Limited Autron Corporation Limited is a Singapore headquartered company public-listed on the mainboards of both the Singapore and Australian Stock Exchanges. Incorporated since January 10, 1985 in Australia, Autron is a leading total solutions provider of assembly equipment and services to the electronics industry. It provides sales and distribution services, manufacturing, as well as research and development and servicing. The Company owns and operates an extensive network in the Asia Pacific region, supporting a total of more than 30 sales and service centres in Singapore, Malaysia, Thailand, Philippines, Indonesia, Australia, Taiwan, Hong Kong, China and Japan. The Company s business operations is managed by three core business operations units, namely: Distribution (which is represented by American Tec Group in Hong Kong, Taiwan Autron Corporation Group in Taiwan and Autron (S.E.A) in Singapore, Malaysia, Philippines and Thailand); Equipment Solutions (represented by AGS Group) and Design and Manufacturing (represented by IC Equipment in Singapore, Malaysia and China). Page 4 of 5

6 ISSUED ON BEHALF OF : Autron Corporation Limited BY : Citigate Dewe Rogerson, i.mage Pte Ltd 1 Raffles Place #26-02 OUB Centre SINGAPORE CONTACT : Ms Angela Tan / Ms Lisa Heng at telephone DURING OFFICE HOURS : (Office) AFTER OFFICE HOURS : / (Handphone) angela.tan@citigatedrimage.com lisa.heng@citigatedrimage.com 036/05/001/ACL February 28, 2005 Page 5 of 5

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