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Serial System rises 4.5% after it posts 52% jump in Q4 profit
SHARES of electronic components distributor Serial System rose 4.5 per cent, or 0.6 cent, to S$0.139 after the company reported a 52 per cent increase in net profit to US$4.65 million for the three months ended Dec 31, 2014, from US$3.1 million a year ago.
Revenue was up 23 per cent to US$267.67 million from US$216.78 million a year ago.
The company said that net profit increases were driven by higher sales, cost efficiencies and efficient inventory management.
For the full year, net profit was up 44 per cent to US$16.1 million, from US$11.2 million a year ago.
Revenue rose 27 per cent to US$1.04 billion, from US$817 million a year ago.
Executive chairman and group CEO Derek Goh said at a media and analyst briefing on Tuesday that the company will grow its core distribution business organically, focus on integrating two recent acquisitions, while looking at other acquisition opportunities.
"My next target will be US$5-10 billion of revenue in the next 10 years before I semi-retire at age 65," said Mr Goh, who is 53 years old.