YHI net profit up 25% to $25.5m for FY05
YHI International, a mainboard-listed alloy wheels manufacturer and distributor of tyres and automotive batteries, yesterday posted a 25.2 per cent increase in net profit to $25.5 million for the full year ended Dec 31, 2005.
Sales rose $43.5 million or 14.9 per cent to $334.8 million.
Revenue from the company's core distribution business - which comprised 71 per cent of total sales in 2005 - increased by 14.4 per cent or $29.9 million to $237 million for the full year.
YHI said the rise in revenue was due mainly to stronger sales of tyres in Asean, China, Australia and New Zealand.
Sales from YHI's manufacturing activities also saw growth, from $84.2 million in 2004 to $97.8 million last year - an increase of 16.2 per cent or $13.6 million.
The company attributed the increase in revenue mainly to six new production lines at its Shanghai plant, which reached full operational capacity only in 2005.
Revenue from its main market in China and Hong Kong continued to grow, from $122 million in 2004 to $142.2 million last year.
YHI declared a first and final dividend of one cent per share.
'Going forward, we expect our distribution sales in Asean to grow as we continue to focus on the distribution of Yokohama tyres. In particular, the distribution of truck and bus tyres supplied from Yokohama's factory in Thailand has opened a new market segment for us,' said YHI group managing director Richard Tay.
YHI's share price closed half a cent higher at 40.5 cents yesterday.
《The Business Times》