Written by The Edge
Mainboard-listed InnoTek announced today that its net profit after tax for the April-June 2010 (2Q10) period rose 29.3% to $5.7 million from $4.4 million in 2Q09, as its subsidiary Mansfield Manufacturing Company continued to grow strongly following recovery since the second half of 2009.
InnoTek says the net profit was achieved on the back of revenue to $110.5 million in 2Q10, an increase of 18.8% from $93.1 million in 2Q09, mainly due to higher revenue from Mansfield Manufacturing, its wholly-owned precision components subsidiary whose sales of flat panel TV components improved.
Revenue from the precision metal components and sub-assembly segment rose to $99.2 million in 2Q10 from $83.6 million in 2Q’09. Apart from higher sales of TV components, frame sales from its Dutch subsidiary Exerion Precision Technology Holding B.V. rose to $11.3 million in 2Q10 from $9.5 million in 2Q09 due to higher demand for printing and medical equipment components.
As at 30 June, its cash and cash equivalents stood at $98.8 million. With total borrowings of $40.8 million, its net cash position amounted to $58.0 million or 25.5 cents per share.
Dividend : None
