12 August 2003, Singapore — Achieva Limited (“Achieva”), one of Asia Pacific’s knowledge-based, value-added distributors and solutions providers focusing on electronics and IT-related products, today announced that the Group has turned around its business with a profit after tax of about S$1 million for the first six months ended 30 June 2003, compared to a loss of S$4.4 million for the corresponding period last year.
At half-time, the Group achieved net earnings of S$994,000 – compared to a loss of S$4.4 million last year – on the back of a group turnover which grew slightly to S$232.7 million.
Earnings per share was 0.22 cent in the first half of this year compared to a loss per share of 0.99 cent. Net tangible assets backing per share also rose from 11.14 cents to 11.36 cents.
In terms of segmental contribution, the Electronic Components group continued to chalk up increased sales while remaining profitable, while the PC peripherals group registered an operating profit (before interest and taxation) of S$181,000 on a slight dip in sales.
Turnover for the Group’s Electronic Components group grew by 30% from S$37.3 million in the first half of last year to S$52.8 million this half-year, reflecting an increase in contribution from its Components North Asia sub-group. Sales from the Electronics Components Division in North Asia increased significantly by S$17.6 million, compared to only S$245,000 last year.
Operating profit for the Electronic Components group decreased by S$129,000 compared to the previous period. The Components North Asia group managed to almost break even in the first six months of FY2003 compared to a loss in the previous corresponding period, while the Components South Asia group managed to maintain margins for the first half of this year.
Commenting on the results, Mr Henry Lim, President and CEO of Achieva, said: …