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MPT Reports First Quarter 2005 Financial Results
Key Highlights
- Achieved consolidated net profit of Baht 60.65 million versus a net profit of Baht 27.91 million for the first quarter of 2004.
- Sales increased 67% Y-on-Y to a record of Baht 1.88 billion
- Post merger integration completed
The consolidated financial
statements for the quarter ended 31 March 2005 were prepared under IFRS and Thai
GAAP. This reflects the completion of merger between the former KR
Precision Public Company Limited (KRP) and the Data Storage Division of Magnecomp
International Limited (DS) on 1 February 2005.
The consolidated financial results
for the quarter ended 31 March 2005, include two months (Feb’05 to Mar’05) of operations of KRP, and three
months (Jan’05 to Mar’05) of operations of DS. As stipulated in the relevant
accounting standard, the comparative figures shown in the consolidated
financial statements for the quarter ended 31 March 2004 consist of three
months (Jan’04 to Mar’04) of operations of DS.
11 May 2005 - Magnecomp Precision
Technology PCL (SET: MPT) today announced financial results for the first quarter ended 31 March 2005. Sales for the first quarter of 2005
rose to a record Baht 1.88 billion, an increase of 67% compared to Baht 1.13 billion
for the same period in 2004. MPT shipped 65 million suspension assembly units for
the first quarter of 2005, an increase of 71% compared to 38 million in unit shipments in the year-ago
quarter.
Results for the quarter include
expenses attributable to restructuring, integration and severance charges of
Baht 28.97 million. The Company reported a net profit of Baht 60.65 million or
earnings per share of Baht 0.04, compared to a net profit of Baht 27.91 million
or earnings per share of Baht 0.02 for the same period last year.
In addition, by comparing the
financial results of the fourth quarter ended 31 December 2004 of the company
prior to the Merger Transaction (KRP) with the financial results of the first
quarter ended 31 March 2005 after the Merger Transaction (MPT), sales for the
first quarter of 2005 has increased significantly from Baht 107.67 million in
the fourth quarter of 2004 to Baht 1.88 billion in the first quarter of 2005.
The operational results turned profitable with Baht 60.65 million profits in
the first quarter of 2005 compared to net loss of Baht 267.73 million in the
fourth quarter of 2004.
The improvement in operating results
was driven primarily by the increase in revenue resulting from the higher unit
shipments. MPT continues to extend its leadership position as a key supplier of
suspensions for the 1.0-inch form factor. The Company has begun shipment of
1-inch HDD suspension assemblies to its fourth customer during the first
quarter of 2005.
“Q1 was a quarter of growth with
strong execution by the MPT team,” said Mr. Steven Campbell, CEO of MPT. “Sales
were up 67% year on year even though Q1 tends to be a seasonally weak quarter,
owing both to strong demand across all our product platforms and excellent
progress on our 1-inch models as we begin shipment of 1-inch HDD suspension
assemblies to our fourth customer. Equally important, MPT has completed its
post merger integration activities with record shipments and improved financial
strength.”
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 set of subsidiary companies specializing in precision
stamping, chemical etchings, tooling and die supporting its core business.
MPT has manufacturing facilities in China and Thailand and a research and development Technology Center facility close to its USA
customers. For more information, please visit the MPT website at
www.MagnecompPrecision.com.
ENDS
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