Listed Companies' Announcement
YHI INTERNATIONAL LIMITED to set up new plant in Malaysia to make alloy wheels to serve the ASEAN market
The increase in net profit was mainly attributable to higher earnings from both its manufacturing operations and its distribution businesses.
The incorporation of the new Malaysian subsidiary is not expected to have any material impact on the net tangible assets and earnings per share of YHI for the current year.
None of the Directors or substantial shareholders of the Company has an interest, direct or indirect in this transaction.
About YHI International:
The Group's distribution network spans Singapore, the PRC, Hong Kong, Taiwan, Malaysia, Japan, Australia and New Zealand where it has established its corporate offices and warehousing facilities. From its main distribution hubs in Singapore, the PRC, Hong Kong and Taiwan, the Group distributes its products locally in these countries as well as exports them to more than 30 countries. Currently, it distributes to approximately 2,000 customers internationally. Some of the key international brands that YHI distributes include Yokohama, Nankang and Nexen for tyres, Enkei and OZ for alloy wheels and Hitachi for both automotive and industrial batteries.
As an integrated ODM solutions provider, YHI provides a range of services from design and development to manufacturing and marketing and distribution of alloy wheels for customers. It designs and manufactures for major brands like LowenHart, Racing Hart, Konig and 5-zigen. It has also created and marketed its own brand Advanti through its wide distribution network.
YHI has established a profitable track record over the past four years. Its turnover grew from S$147.9 million in FY2000 to S$220.7 million in FY2003 while its profit after tax grew from S$4.8 million in FY2000 to S$14.6 million in FY2003. YHI's distribution business accounted for approximately 73% and 66% of turnover and profit after tax respectively, while the manufacturing business accounted for approximately 27% and 34% of turnover and profit after tax respectively in FY2003.
Release issued on behalf of YHI International Limited by
Stratagem Consultants Pte Ltd
For more information, please contact:
Tham Moon Yee / Geraldine Goh
Tel: 6227 0502
Submitted by Yuen Sou Wai, Executive Director on 08/09/2004 to the SGX