SINGAPORE (Nov 27): PNE Industries, the manufacturer and trader of electronic and electrical appliances, posted a 36.3% decline in earnings to $10.3 million for the full year ended September, from $16.2 million a year ago.
This was mainly due to the absence of a one-off gain of $6.7 million in a year ago on disposal of the group’s former subsidiary, PNE Print Technology Co.
Not including this one-time gain as well as the results of PNE Print prior to its disposal, the group’s net profit from continuing operations actually grew 17.0%, compared to $8.8 million a year ago.
Revenue climbed 22.9% to $89.8 million in FY17, from $73.0 million a year ago.
This was mainly due to higher sales recorded by the Contract Manufacturing segment, which saw its revenue increase by $17.8 million on the back of stronger customer demand.
As at end September, cash and cash equivalents stood at $35.3 million.
The group says it continues to face pressures from customers for lower pricing on its products, as well as cost pressures in China and Malaysia, where its manufacturing operations are based.
It adds that it continues to monitor its activities to enforce stringent control of its costs.
PNE Industries has recommended a final dividend of 3.0 cents per share
Shares of PNE Industries last closed at $1.12 on Nov 24.
