SINGAPORE (Feb 22): Sunningdale Tech says that its 4Q17 earnings have dropped 64% to $7.75 million compared to $21.5 million in 4Q16.
This brings FY17 earnings to $31.4 million, 19.7% lower than $39.1 million recorded in FY16.
Revenue for the quarter came in at $187.0 million, 1.6% higher than $184.1 million in the previous year, due to an increase in revenue from all of the group’s segments except for Consumer IT which fell 7,7% to $70.9 million. Automotive rose 5.3% to $67.7 million, healthcare rose 9.3% to $13.5 million while mould fabrication rose 14.4% to $34.8 million.
Other income saw an 89.3% decline to $1.69 million compared to $15.8 million a year ago, due to absence of gain on the disposal of property, plant and equipment (PPE) of $5.1 million and a foreign exchange gain of $8.4 million which were recorded in 4Q16, while foreign exchange loss of $2.8 million for 4Q17 was recorded.
Other expenses increased by 34.7% to $3.70 million from $2.74 million last year.
The group declared an ordinary final dividend of 4.5 cents per share.
Khoo Boo Hor, CEO and executive director of Sunningdale says, “Looking ahead, we remain cautious of the headwinds in an ever-changing business landscape. We expect the global business environment to remain subdued as rising economic uncertainties continue to present us with challenges. However, our overarching strategy of building a sustainable and profitable business model is well on track.”
Shares in Sunningdale last traded at $1.98 on Wednesday.
