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Sandy Li

Electronic component manufacturer Elec & Eltek International Holdings has seen its full-year profit plunge 51.9 per cent to $200.3 million, partly due to an exceptional loss of $8 million.

  Last year, the company's profit was boosted to $416.6 million by an exceptional gain of $239.9 million.

  Excluding the exceptional items, earnings per share increased 22.9 per cent to 21.53 cents from 17.52 cents. A final dividend of 5 cents per share was recommended.

   Together with the interim dividend of 3.5 cents per share, final dividend represents a total payment of 8.5 cents per share for the year, compared with 7.5 cents for 1995.

  Turnover rose 25.7 per cent to $1.84 billion and operating profit was up 33.3 per cent to $311.2 million before exceptional items, tax and minority interest.

 'We have been consistent in our efforts to upgrade and improve technology, as well as the capability of our manufacturing operations in Thailand, Hong Kong and China by continuous investment in new machinery,' chairman David So said.

  He said the focus of Elec & Eltek's strategy was to move gradually from double-sided PCBs to high value-added multi-layered PCBs. The ratio of multi-layered PCB output increased from 80 per cent in financial year 1995 to 90 per cent in financial year 1996.

   Although the PCB market remained soft, the group was optimistic about the medium and long-term potential of its PCB business, he said.

  If the market would be recovered in late 1996 or early 1997, the group was ready to commence production in the second phase of the Huangpu plant in the second half of 1997, he said.



Exceptional loss drags down earnings 51pc at Elec & Eltek