Achieva registered 78% increase in net profit to S$1.8 million for first half of 2004
– Group turnover increased 26% to s$296.3 million
– Growth driven by electronic components division
– Group to forge ahead with own brand of ce products under “astone” brandname
Singapore, 12 August, 2004: Mainboard-listed Achieva Limited, one of Asia Pacific’s top knowledge-based, value-added distributors and solutions providers focusing on electronics and IT-related products, has achieved a 78% increase in profit after tax and minority interests to S$1.8 million for the first half of FY2004, up from S$1.0 million in the corresponding period last year.
The improvement in Achieva’s net profit was mainly attributable to improved sales in the electronics components division, a turnaround in the PC peripheral division and better contributions from associated companies. Profits from the electronics components division for the first half of 2004 was S$4.4 million, nearly doubled that of the previous period on the back of better demand. The PC peripherals division recorded a profit before accounting for provision of doubtful debts and stock obsolescence of S$1.1 million, versus a loss of S$1.1 million for the first half of 2003. Loss after provisions was S$1.5 million for the first six months compared to S$1.6 million previously.
Turnover increased — up by 26% to S$296.3 million compared to S$234.2 million in the same period last year. Of the group’s turnover, the electronic components division contributed 31%, up from 21% in the first half of 2003, whilst the PC peripherals division contribution fell from 79% to 69% in the first half of 2004.
The Group’s electronic components division contributed S$93 million in the first six months of 2004, an increase of 93% from S$48 million last year. Of the S$93 million turnover, the Components South Asia and North Asia Group recorded an increase …