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Sunright's counter jumps on FY15 profit spike
Shares of mainboard-listed semiconductor firm Sunright on Friday jumped five cents or 24 per cent to S$0.26, just before it reported a tremendous jump in net profit to S$3.1 million for its full year ended July 31, 2015, up from a mere S$135,000 a year ago.
This was despite revenue staying flat at S$137 million.
Sunright said the profit spike was due to lower costs - costs of raw materials and consumables used, as well as changes in inventories of finished goods and work-in-progress, fell 15 per cent from S$36.8 million to S$31.2 million, because of lower sales from its electronic manufacturing services and distribution.
Other operating expenses also fell by S$4.6 million or 16 per cent due to an exchange gain from the appreciation of its US dollar denominated receivables, against the Singapore dollar and Malaysian ringgit, as well as an increase in gain on disposal of property, plant and equipment, and lower production costs.
Its directors have recommended an ordinary dividend of 0.2 cent, as well as a special dividend of 0.2 cent, subject to the approval of the shareholders at the coming annual general meeting.