Termbray points to provisions on decline
Printed circuit board-maker Termbray Industries International (Holdings) saw net profit fall 20 per cent to $163.96 million in the year to March 31 after making provisions for inventories and doubtful debts.
An exceptional loss of $38.7 million arose from provisions for doubtful debts and inventories, against a $16.08 million loss a year earlier.
The firm blamed the lacklustre consumer electronics industry for the profit decline.
Turnover, at $1.3 billion, was up 1.4 per cent from the past year. Earnings per share fell by the same margin as net profit to $1.09.
Despite the profit decline, the directors recommended a final dividend of 20 cents a share, against eight cents a share, with a scrip option for shareholders.
Chairman Lee Lap said yesterday its components assembly and telecommunications division continued to suffer from the weak consumer electronics market.
The printed circuit board operation, however, maintained a steady growth during the year.
Mr Lee said while the region's crisis - particularly in Japan - was likely to cut its competitiveness, its principal markets in the United States and Europe were unaffected.