Rokko Holdings says its net profit after tax for the financial year ended Dec 31 2009 (FY2009) soared 80.1% to $1.8 million from $1 million a year earlier for the financial year ended Dec 31 2008 (FY2008), propelled by pent-up demand for semiconductor equipment during the second half of FY2009 (2H2009).

Rokko provides precision engineering services to customers in the semiconductor and electronics industries.

The higher profit was achieved on turnover of $29.5 million in FY2009, a rise of 48.5% from $19.9 million in FY2008, driven by strong recovery in the Equipment and Stamping Divisions, sales of which rose by approximately 106.3% and 29.6%, respectively, over the prior financial year.

The performance was achieved despite lower gross profit margin for FY2009 due to the significant drop in revenue in the first half of FY2009 (1H2009) when the group recorded a net loss of S$1.2 million, and lower capacity utilisation rates for its Tooling and Stamping Divisions. Rokko also benefited from cost-cutting measures implemented since the start of the recent financial crisis.

Rokko, which designs, manufactures and markets high-precision automated equipment for the semiconductor sector, reported net profit after tax of about $3 million and turnover of $23.9 million in 2H2009, compared with $0.1 million and turnover of $8.2 million, respectively, in 2H2008.

Earnings per share rose to 1.20 cents per share in FY2009 compared to 0.65 cent in FY2008. Net asset value per share increased to 13.33 cents as at Dec 31 2009 from 12.29 cents as at Dec 31 2008.

The group remains in a healthy financial position with cash and cash equivalents of approximately $9 million at the end of FY2009, up significantly from $3.6 million at the end of FY2008. The group’s net gearing stood at 0.50 times at the end of FY2009 compared to 0.41 times at the end of FY2008.

The group has proposed a one-tier (tax-exempt) first and final dividend of 0.50 cent per ordinary share, totalling $728,225 or 41% of net profit after tax, which compares with 0.2 cent or $291,748 or 30% of net profit which was declared and paid for FY2008.