Sunningdale Tech's Q4 profit up, outlook stable

SUNNINGDALE Tech reported on Friday that it generated S$11.16 million in net profit for the fourth quarter ended Dec 31, 2014, compared to S$4.02 million a year ago.

Excluding the provisional negative goodwill, acquisition expenses and foreign-exchange gain, the net profit would have been S$8.3 million for the quarter, compared to S$3.7 million a year ago.

Revenue for the quarter rose 10.9 per cent from a year ago to S$134.99 million. All business segments, except for consumer/IT, contributed to the growth. The latter fell due to the shutdown of its operations in Sweden.

Sunningdale saw an increase in other income due to a foreign-exchange gain of S$3.3 million in the fourth quarter, versus S$0.3 million a year ago. A provisional negative goodwill of S$4.5 million was recognised during the quarter from the acquisition of SSH Group, formerly known as Anchorage Singapore Holdings Pte Ltd. The latter - a maker of precision plastic toolings and precision engineering components - contributed S$16.3 million to the group's revenue in the fourth quarter.

Full-year net profit was at S$27.68 million, compared to S$13.65 million. Revenue slipped 0.1 per cent to S$475.61 million.

Looking ahead, Sunningdale said: "We expect our business segments: Automotive, Healthcare, Consumer/IT and Tooling to remain stable overall in 2015."

It has declared a final dividend of 0.8 cent a share, compared to 0.7 cent a year ago.