Cheung Woh Technologies, the manufacturer and supplier of precision engineering products for the Hard Disk Drive (HDD) and automotive industries, says it has achieved record net profit of $17.4 million for the full year ended 28th February 2011 (FY11).
The record net profit was led by a 21.9% y-o-y rise in FY11 revenue to $151.4 million, as the group gained from China’s robust automotive industry and an increase in HDD demand.
Sales of HDD components remained the largest revenue contributor of the group, rising a further 12.5% y-o-y to $67.3 million in FY11. The better performance was mainly due to an increase in demand for personal computers in the consumer markets.
Sales for its automotive component segment outpaced HDD component growth, jumping 55.8% y-o-y to $62.5 million in FY11. The group was able to ride on the bullish demand for domestic Chinese automotive brands, despite the removal of stimulus package given by the Chinese government. The growth of both these segments managed to offset the decline in sales of precision metal stamping components which fell by 11.5% y-o-y to $21.1 million in FY11.
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