Written by The Edge
Mainboard-listed YHI International, the distributor of automotive and industrial products and an original design manufacturer (ODM) of alloy wheels, reported a 23.1% increase in net profit attributable to shareholders of $10.7 million on the back of a 23.5% rise in revenue to $234.7 million for the half year ended June 30, 2010 (1HFY10).
The group’s net profit attributable to shareholders was $8.7 million and revenue was $190.0 million in 1HFY09.
YHI International says the increase in net profit attributable to shareholders was also boosted by a profit contribution of $2.2 million from associated companies in 1HFY10, versus a share of loss of $0.7 million in the previous corresponding period. The group also saw a 29.9% fall in financing costs to $1.6 million in 1HFY10 from $2.3 million in 1HFY09 primarily due to lower bank borrowings and interest rates.
The group’s gross profit also jumped by 22.3% to $54.9 million from $44.9 million reported in 1HFY09 on the back of the higher revenue achieved for the half year ended June 30, 2010.
On a quarter-to-quarter basis, the group also reported robust growth in performance.
For 2QFY10, group’s net profit attributable to shareholders was up 22.6% to $5.9 million on 29.3% rise in sales to $120.6 million as compared to $4.8 million and $93.2 million reported in 2QFY09 respectively.
Compared to 1QFY10, net profit attributable to shareholders in 2QFY10 rose by 23.6% while turnover improved by 5.7%.
Dividend : None
