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Thursday, November 27, 2014

JCY International back on a strong footing

Source: http://www.theedgemarkets.com/en/node/171782

KUALA LUMPUR (Nov 26): Hard disk drive (HDD) manufacturer JCY International Bhd returned to full year net profit of RM120.09 million for the financial year ended Sept 30, 2014 (FY14) from a net loss of RM61.61 million the previous year, on higher revenue and better operational efficiency.

For the fourth financial quarter ended Sept 30, 2014 (4QFY14), it posted a net profit of RM26.7 million compared with a net loss of RM2.28 million a year ago.

Revenue for 4QFY14 stood at RM462.87 million, 10.5% higher from RM418.72 million in 4QFY13. Earnings per share for 4QFY14 was 1.31 sen from a loss per share of 0.11 sen a year ago.

“This was due mainly to the increase in volume shipped and the improvement on average selling prices in the reporting quarter,” said JCY in a filing with Bursa Malaysia today.

For the full year FY14, JCY's revenue rose 16.8% to RM1.87 billion from RM1.6 billion the previous year. Earnings per share stood at 5.91 sen compared with a loss per share of 3.04 sen in FY13.

“There has been a clear pick up in the demand in enterprise class HDDs. This momentum is likely to sustain into 2015,” JCY said, adding that the demand for personal computers is stabilising with an increasing demand for low cost notebooks particularly in emerging markets.

It expects the ongoing consolidation of the HDD industry to have a positive impact on the demand for JCY products.

“JCY will continue to leverage its competitive strengths of its economies of scale, multi-products, and increasing levels of automation in its manufacturing processes to lower its costs of production in order to achieve higher profitability,” it added.

JCY shares closed half a sen or 0.89% lower at 55.5 sen today, giving it a market capitalisation of RM1.13 billion.

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