Integrated metal-stamped precision parts specialist Miyoshi Precision more than doubled its first-half ending Feb 31 (1HFY2010) net earnings to $6.5 million from $2.9 million in 1HFY2009 on the back of a 47.8% rise in revenue to $75.6 million from $51.1 million. The company has an Aug year-end.

Correspondingly, earnings per share rose by 126.1% from 0.69 cents to 1.56 cents while net asset value per share climbed marginally from 17.75 cents to 18.73 cents.

The group says net cash from operating activities rose to $8.3 million from $5.8 million. Cash and cash equivalents at half-time stood at $32.1 million.

FY2010 saw the consolidation of Catalist-traded Giken Sakata’s (S), results into the group’s performance. Miyoshi acquired a controlling interest in Giken in 1QFY2010 under an agreement entered into in FY2008.

Giken’s consumer electronics products are included in Miyoshi’s Consumer Electronics business segment while its microshaft products are included in Automotive, Microshaft & Others (AMO). Its medical products are included in a newly created Medical segment.

Data Storage revenue grew by 17.9% or $4.7 million as a result of stronger end-customer demand, in line with general industry trends. Consumer Electronics sales increased by $7.3 million upon consolidation but separately it fell prey to a re-alignment and consolidation by a major customer among its contract manufacturers, resulting in lower sales allocations to the group. Automotive, Microshaft & Others (AMO) sales grew three-fold to $9.2 million.

The acquisition of Giken’s equity shares had also given rise to a one-off gain of $1.1 million negative goodwill as well as share of Giken’s profit amounting to $0.3 million.