UPI pins losses on slump in batteries

Continuing losses at its rechargeable battery division pulled down profits at industrial group United Pacific Industries (UPI) for the year to March.

Attributable profit was up 6 per cent to $40.2 million despite a 16 per cent increase in turnover to $419 million.

Earnings per share were 10.5 cents, against 13.8 cents a year ago.

The directors recommended a final dividend of 3.3 cents taking the payout for the year to 6.6 cents, lower than the 7.25 cents previously.

Managing director Simon Hsu Nai-cheng attributed the widening losses from rechargeable batteries to the weak yen and keen competition for the production of nickel cadmium batteries.

'We shifted our strategy to the manufacture of nickel metal-hydride batteries in the fourth quarter which improved sales,' he said.