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FOR IMMEDIATE RELEASE
CONTACT INFORMATION
Golin/Harris International Pte Ltd
Lorraine Chua / Daphne Liew
Tel: 65515 448 / 65515 421
Email: lorraine.chua@golinharris.com.sg
daphne.liew@golinharris.com.sg
BEYONICS NET PROFIT UP 107 PERCENT TO $17.98 MILLION
ON RECORD TURNOVER OF $615.2 MILLION IN FY02
*****
New Thailand manufacturing plant to go online 2Q 2003
and LOI to acquire Pacific Plastics signed
Singapore – 19 September 2002 - Mainboard-listed Beyonics
Technology Limited, a leading integrated manufacturing service
provider, today reported 107 percent increase in net profit
to $17.98 million and 110 percent growth in turnover to $615.2
million for the year ended 31 July 2002.
Operating profit before income tax, minority interests and
extraordinary items grew by 101.3 percent to $22 million,
from $10.9 million last year. Earnings per share rose to 2.08
cents against 1.01 cents in the previous corresponding period.
The directors have recommended a dividend of 5 percent or
0.5 cents per share less tax of 22 percent.
The increase in turnover and profit was due to good performance
by all three of its business divisions through organic growth,
effective cost controls and strict working capital management.
"We are very pleased with the results Beyonics has delivered
in the face of uncertain world economy and weak technology
demand," said Mr Chay Kwong Soon, Chairman of Beyonics
Technology. "In the latest financial year, we took major
steps in streamlining our operations, improving the product
and customer mix, as well as implementing cost cutting measures
to stay competitive. We have built a very strong financial
position and operational capabilities that will enable us
to maximize opportunities in the Electronic Manufacturing
Services (EMS) market. We believe we can continue to build
on this momentum and deliver optimal results for our stakeholders."
Beyonics' Contract Manufacturing Division achieved 159 percent
revenue growth to $471.4 million compared to $182 million
in the previous year. This was largely due to a full year
revenue contribution from the printed circuit board assembly
(PCBA) plant in Batam, acquired in June 2001, and increase
in turnover from the plastic injection moulding business.
As a result, profit before taxation and interest increased
by 22.8 percent from $5.7 million to $7.1 million.
The Precision Engineering Division achieved 36 percent revenue
growth to $114.1 million against $84.1 million last year.
Growth was largely organic as the company focused on improving
product quality and operational efficiencies, resulting in
greater customer confidence and increased order flow. As a
result, profit before taxation and interest increased 159.9
percent, from $6.3 million to $16.3 million.
The Distribution Division achieved 11 percent revenue growth
to $29.7 million, compared to $26.8 million in the previous
year.
Looking forward, Mr Goh Chan Peng, Chief Executive Officer
said, "To take the company to its next level of growth,
we will focus on securing new projects with new as well as
existing customers. We will stay competitive by focusing on
delivering cost efficiencies and seeking out appropriate strategic
partnerships for growth. The new plant in Thailand is expected
to commence operations in the second quarter of the new financial
year and will enable the Group to strengthen ties with its
customers as well as enable it to tap into a new market."
The Group is on track to become a first tier electronic manufacturing
services provider through strategic acquisitions and the expansion
of its manufacturing capacities with a sales target of $1
billion by 2005.
The 60 percent owned, strategic joint venture with Scinetic
Engineering Pte Ltd to boost its contract product design and
development services for OEM customers is progressing well.
To-date, the Group has received OEM orders from leading manufacturers
of point of sale products.
In September 2002, Beyonics signed a non-binding letter of
intent to acquire Pacific Plastics Pte Ltd for $15 million
to be settled by cash payment of $7.5 million and the allotment
and issue of ordinary shares of $0.10 each for the balance
amount. The strategic acquisition, if and when completed,
will expand Beyonic's manufacturing capacity in China and
enhance its position in value-added precision plastic injection
products and assembly.
Pacific Plastics operates three wholly owned subsidiaries
– Pacific Plastics (Suzhou) Co., Ltd, Pacific Plastics
(Nanjing) Co., and Pacific Tooling (Suzhou) Co., Ltd engaging
in processing and fabrication of precision plastic moulds
and parts.
About Beyonics Technology
Mainboard listed Beyonics Technology Limited was founded
in Singapore in 1981 and has since established itself as a
significant player in the electronics landscape in Singapore.
Its core business comprises contract manufacturing, precision
machining, precision plastic moulding, metal stamping as well
as industrial distribution of electronic and IT components.
The Group, which aims to be the industrial leader for the
provision of integrated manufacturing services, counts among
its key customers multinationals such as Seagate Technology,
Hewlett Packard, Benchmark Storage Innovations, Maxtor, IBM,
Agilent and Baxter. It currently has manufacturing facilities
in Singapore, Malaysia, Indonesia, China and by second quarter
of 2003, Thailand as well. For more information, visit www.beyonics.com.
Submitted by Tay Peng Huat, Company Secretary on 19/09/2002
to the SGX
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