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Tuesday, November 11, 2014

Inari on track to achieve RM1bil revenue by FY16 - CEO

Source: http://www.theedgemarkets.com/en/node/169132

KUALA LUMPUR (Nov 11): Electronic component manufacturer Inari Amertron Bhd is on track to achieve its RM1 billion revenue target by financial year ending June 30, 2016 (FY16), Chief Executive Officer Lau Kean Cheong said.

Lau said revenue growth would be underpinned by booming demand for radio frequency (RF) and opto electronic products.

"The RF products growth rate outperformed the semiconductor sector as a whole," Lau said.

He said RF product demand growth was driven by rising demand for smartphones and tablets.

"As such we will be focusing in producing electronic components to cater to the booming industries.

"Inari's fibre optic division is expected to emerge as a new income driver in FY16 or FY17, he said.

Inari's financials have improved. FY14 revenue rose to RM793.66 million from RM241.14 million a year earlier. Net profit climbed to RM101.27 million from RM42.01 million.

To cater to rising demand of RF and opto-electronic products, Inari has acquired a new factory space in Batu Kawan, Penang to meet its urgent capacity needs.

According to Lau, the new manufacturing plant, is expected to be partially operated by February next year.

"The whole plant will be fully operated within 18 months," he said.

At 2.52pm, Inari shares was traded at RM3.01, rose two sen or 0.7% to RM3.01 for a market capitalisation of RM1.85 billion.

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