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EPS rises to 1.20 cents in FY2009, up sharply from 0.65 cent in FY2008
Group proposes first and final dividend of 0.5 cent per share
The higher profit was achieved on turnover of S$29.5 million in FY2009, a rise of
48.5% from S$19.9 million in FY2008, driven by strong recovery in the Equipment and
Stamping Divisions, sales of which rose by approximately 106.3% and 29.6%,
respectively, over the prior financial year.
The performance was achieved despite lower gross profit margin for FY2009 due to
the significant drop in revenue in the first half of FY2009 (“1H2009”) when the Group
recorded a net loss of S$1.2 million, and lower capacity utilisation rates for its Tooling
and Stamping Divisions. Rokko also benefited from cost-cutting measures
implemented since the start of the recent financial crisis.
S$3.0 million and turnover of S$23.9 million in 2H2009, compared with S$0.1 million
and turnover of S$8.2 million, respectively, in 2H2008.
The Group remains in a healthy financial position with cash and cash equivalents of
approximately S$9.0 million at the end of FY2009, up significantly from S$3.6 million
at the end of FY2008. The Group’s net gearing stood at 0.50 times at the end of
FY2009 compared to 0.41 times at the end of FY2008.
Commenting on the outlook, Rokko’s Managing Director Mr Gary Lim said, “We
believe that strong orders for PCs and smartphones will continue to underpin demand
in the semiconductor cycle. Many of the larger players also have stronger balance
sheets compared to earlier cycles.”
“Our order book remains healthy, standing at S$10.3 million at the end of FY2009. We
will continue to market our second-generation RS8000 series of sawing singulation
equipment which offers an average of 50% higher productivity than our first generation
RS7000 series at a marginal price difference which has gained traction among our
cost conscious customers,” Mr Lim added.
The Group is also on the look out for potential targets for M&A that could integrate
vertically with its core product and capabilities and will also continue to invest in
research and development to deliver innovative products to customers in a timely
manner and focus on its core businesses of Connectors Stamping, Precision Tooling
and Equipment manufacturing.
The Group has proposed a one-tier (tax-exempt) first and final dividend of 0.50 cent
per ordinary share, totalling $728,225 or approximately 41% of net profit after tax,
which compares with 0.2 cent or $291,748 or 30% of net profit which was declared
and paid for FY2008.
This announcement has been prepared by the Company and its contents have been reviewed by
the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the “Sponsor”), for
compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the
“SGX-ST”). The Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST
assumes no responsibility for the contents of this announcement, including the correctness of any
of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Mark Liew, Managing Director, Corporate Finance, at 1
Raffles Place, #30-03 OUB Centre, Singapore 048616, telephone (65) 6229 8088
## End of Release ##
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Media Release – Rokko’s FY2009 Net Profit Soars 80.1% to S$1.8 Million
02 February 2010
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