Hi-P International, the electro-mechanics manufacturer for wireless communications and consumer electronics, registered a net profit of $53.7 million and revenue of $749.9 million for the 12 months ended 31 December 2009 (FY2009).

FY2009 revenue decreased by 30.4% to $749.9 million compared to FY2008, mainly due to the End-of- Life (EOL) of several projects during 2H2009. This resulted in a lower volume and average selling price of these products.

Gross profit decreased by 31.4% to $135.4 million and was in line with the decreased revenue. Gross profit margin remained constant at around 18.1% due to a better product mix in 1H2009 and improved cost efficiency. Consequently, net profit decreased by 47.5% to $53.7 million.

Hi-P closed FY2009 with a net cash position of $241.5 million compared to $125.9 million in FY2008. Gross gearing remained low at 0.9% in FY2009.