SINGAPORE (Nov 10): Willas-Array Electronics reported half-year earnings quadrupled to HK$60.2 million ($10.5 million) from HK$14.6 million a year ago despite the tough market conditions.
Revenue was up 13.8% to HK$2.4 billion, mainly driven by robust double-digit sales growth generated by its Industrial, Home Appliance and Automotive and Others segments.
The Telecommunications segment continued to be the largest revenue generator contributing HK$604.4 million, or 25.7%.
Industrial segment saw sales jump 33.0% to HK$567.4 million on strong demand in energy saving industrial applications.
Sales from the Automotive segment rose 24.4% y-o-y as it continued to benefit from the rising amount of electronic content in automobiles especially in the new generation cars, which have more advanced functions and safety features.
Sales contribution from the group’s Home Appliance segment rose 16.0% y-o-y to HK$300.3 million.
As a result of its emphasis on high value-added products, the group’s gross profit margin rose 1.0 percentage points to 8.4% in 1H18.
In its outlook, Willas-Array says it will continue to be prudent in managing its operations while maintaining its cautious stance in managing costs and sustaining a healthy liquidity position in order to support long-term growth.
In view of its performance in 1H18, the group is cautiously optimistic about its performance in the year ending March.
Shares in Willas-Array closed at 94 cents on Friday.
