Juken Technology says net profit after tax for the financial year ended 31 December 2009 (FY2009) soared to $1,173,000 from $46,000 in FY2008 on pent-up demand for auto components in the second half and improved cost-efficiencies.

The manufacturer of high-precision plastic moulding components said the 25-fold increase in the bottom-line was achieved despite a 8.3% decline in revenue to $45.4 million in FY2009 from $49.5 million a year earlier due to weak global demand in the January-June 2009 (1HFY09) period.

Strong recovery and pent-up demand lifted 2HFY09 net profit to $1,107,000, reversing sharply from a loss of $236,000 in 2HFY08 on revenue of $26.8 million and $25.9 million, respectively. Juken had reported a net profit of $66,000 on turnover of $18.6 million in 1HFY09.

While 2HFY09 recovery was broad-based, the auto business – its main revenue and profit contributor – was significantly lifted by a recovery in sections of the US and European market, strong growth in the China, and a new production programme in Malaysia. The camera business in Thailand also recovered sharply in 2HFY09 after a weak 1HFY09.

The group’s recently acquired 60%-owned Micro-Air (Tianjin) Technology Co., a previously loss-making specialist in coating of plastic car-lamp reflectors based in northern China, began contributing profits in FY2009, as did the group’s facility in Noida, India, which had begun operations in 2006.

Juken’s net profit also benefited from reduced staff and material costs, lower operating expenses as well as finance charges due to lower interest rates.

Earnings per share based on weighted average number of shares rose to 0.69 cents in FY2009 from 0.03 cents in FY2008. Net asset value per share rose to 23.82 cents at the end of FY2009 from 22.49 cents at the end of FY2008.

The group has proposed a first and final dividend of 0.13 cent per share, representing a payout ratio of 24% of the net profit of FY2009.