Electronics-maker IDT International announced yesterday its net income for the year to March 31 rose 30 per cent from a year earlier to $181 million. Managing director Barry Buttifant attributed the earnings growth to the development of higher-margin own-brand products for sale in Europe through its own distribution network. 'Overall, we had acceptable growth in all areas of our business,' he said. IDT also improved its financial position during the year, holding about $180 million in surplus cash - or 36 per cent of total shareholders' funds - before an $83 million dividend payout was distributed. The company, however, had no plans for its cash pile, which is currently invested in local and US dollar term deposits. Revenue in the period jumped 48 per cent from a year earlier to $1.7 billion. Mr Buttifant said the company's receivables totalled slightly less than 10 per cent of revenue. IDT's outstanding inventories fell to $230 million at the end of March from $265 million a year earlier, he said. Earnings per share amounted to 19.4 cents, up from the previous year's 16.4 cents per share after adjusting for a two-for-one share split. The company said it planned to pay shareholders a final dividend of six cents per share for a year's payout total of 8.5 cents, down from 14.5 cents last year.