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Media Release - MPT Reports Second Quarter 2005 Results
Key Highlights
- Record Revenue of Baht 2,294.3 million, a 109% increase year-on-year.
- Net profit of Baht 79.5 million, a 66% increase in net profit year-on-year.
- Shipped a record 73.7 million units, a growth of 13% compared to previous quarter and an increase of 89% compared to the same period last year.
The Consolidated Financial
Results for the second quarter ended 30 June 2005 include the full three months
(Apr’05 to Jun’05) of operations of the merged entity MPT. As stipulated under
IFRS and Thai Accounting Standards, the comparative figures shown in the
Consolidated Financial Statements for the second quarter and six months ended 30
June 2004 reflect the operations of the Data Storage Division of Magnecomp
International Limited (DS) only. The Consolidated Financial Results for the
quarter ended 31 March 2005, includes two months (Feb’05 to Mar’05) of
operations of KRP, and three months (Jan’05 to Mar’05) of operations of DS.
9 August
2005 - Magnecomp Precision Technology Public Company Limited
(SET: MPT) today reported net profit of Baht 79.5 million on
sales of Baht 2,294.3 million for its second quarter ended 30 June 2005.
These results represent strong
year-over-year performance, generating 109% growth in revenue versus Baht 1,097.1
million and 66% percent growth in net profit versus Baht 47.9 million as reported
for the same quarter last year. Unit shipments grew to 73.7 million for the
second quarter of 2005, an increase of 89% compared to the 38.9 million units
shipped during the second quarter of 2004.
MPT’s balance sheet strengthened in the
quarter due to the enhanced financial performance of the Group and improved
cash flow from operations. During the second quarter, the Group’s cash and cash
equivalents grew to Baht 590.3 million, an increase of Baht 186.4 million from
the December quarter of 2004. Through the first six months of 2005, the Group
generated net cash from operations of Baht 367.7 million as compared to Baht 203.6
million reported last year.
MPT’s second quarter results were negatively
impacted by the baht devaluation as the Group has exposure to US denominated
obligations. Additionally, MPT’s second quarter shipments would have been
higher if not for the tight supply of suspension circuits from its suppliers. Circuit
suppliers have committed to grow capacity to meet the increasing demand and the
Group expects the supply constraint to be relieved by the fourth quarter of
2005.
"This quarter marks another period of
record revenues and shipments, as overall demand for our products particularly in
the consumer electronics sector, was very strong throughout the first half of
2005,” said Mr. Steven
Campbell, CEO of MPT. Shipment of suspensions for consumer electronics
applications contributed approximately 20% of sales and currently represents
our fastest growing segment.”
“To cope with the rising demand from the HDD
industry, we are increasing our manufacturing capacity and expect it to grow by
about 30% next year to approximately 400 million units per annum. In addition,
our internal suspension circuit facility is expected to become available by the
end of 2005 to help ensure that we have adequate supply to meet the growing demand.”
End of Release
About Magnecomp Precision Technology Public Company Limited
Headquartered in Ayutthaya,
Thailand, Magnecomp Precision Technology Public Company Limited manufactures
hard disk drive suspension assemblies with a number of subsidiaries
specializing in precision stamping, chemical etchings, tooling and die,
supporting its core business. MPT has manufacturing facilities in both China and Thailand, with a
Research and Development Technology Center located
in California, close
to its major customers in USA. For
more information, please visit the MPT website at www.MagnecompPrecision.com.
Forward Looking Statement
This release contains forward-looking
statements that involve risks, uncertainties and assumptions. All statements
other than statements of historical fact are statements that could be deemed
forward-looking statements. The forward-looking statements are based on current
management expectations, and actual results may differ materially as a result
of several factors, including: levels of operating expense and product cost;
supply and demand conditions in the data storage industry; overall economic
conditions; changes in product and customer mix; pricing trends; actions by
competitors; the pace of development of new markets; successful entry into new
markets by the Group; and other factors discussed in periodic reports filed
with the SET. These forward-looking statements should not be relied upon as
representing the company's views as of any subsequent date and MPT undertakes
no obligation to update forward-looking statements to reflect events or
circumstances after the date they were made.
Media Contact
Magnecomp Precision Technology
162 Phaholyothin Road, Ayutthaya 13170 Thailand
Tel: (66)3521-5225
Fax: (66)3521-5345
Peter Lim, peterl@magnecomp.com
Yong Kok Hoon, khyong@magnecomp.com
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