Gul Technologies Singapore says it achieved consolidated pre-tax profit of US$23 million ($32.4 million) in FY2009, the highest record profit since its incorporation in 1988.

Turnover improved in FY2009 over the previous year despite the downturn in the global economy. Gul Tech attributed this mainly to the group’s ability to secure more orders from customers as it was able to offer consistent high quality products and excellent services.

Gul Tech’s customers include major top-tier manufacturers of automotive products, hard-disk drives, notebook batteries and digital cameras.

The strong and diversified customer base built up over the years and the group’s continuous drive for increased efficiency and lower costs have helped the company deliver record performance in FY2009, says Gul Tech.

FY2008’s pre-tax profit of US$40.3 million included certain one-off items amounting to USD30.1 million. If such items were excluded, FY2009’s pre-tax profit more than doubled to USD23 million.

Gul Tech says it will seek to maintain stringent cost control whilst continuing efforts to increase efficiency in production. It will also enhance its technical capabilities in order to provide for a wider product and customer portfolio.

In addition, Gul Tech will reinvest in capital expenditure to increase production capacity to improve quality and to increase overall productivity, efficiency, and automation of its factories.