Friday, July 15, 2011

ACE Market-bound Inari posts net profit RM2.6m in 3Q

KUALA LUMPUR: ACE Market-bound Inari Bhd posted net profit RM2.6 million for the third quarter ended March 31, 2011 on the back of revenue RM35.8 million.

For the nine months ended March 31, the company's net profit was RM14.7 million on the back of revenue RM77 million.

There is no cumulative and quarterly results comparison with the corresponding periods of last year as this is the first interim results reported by the company.

In a statement Friday, July 15, Inari managing director Dr Tan Seng Chuan said the nine-months' net profit included the post-acquisition results of its subsidiaries, namely Inari TECHNOLOGY [] Sdn Bhd and Simfoni Sdn Bhd.

The acquisitions were completed in late September 2010.

He said the results were commendable despite the challenging environment due to the uncertainty in global economic recovery, supply chain disruption triggered by the earthquake in Japan, and margin erosion due to the weak US Dollar during this period.

'Nevertheless, we remain optimistic of the Group's sustained profitability in the upcoming quarter resulting from firm orders from our major customer in tandem with the strong demand for smart mobile devices such as the smartphones and tablet computers tempered by the weak US dollar outlook.'

Inari declared an interim single-tier dividend of 1.8 sen per share in respect of the financial year ended 30 June 2011, totalling RM6 million.

Tan said Inari had a dividend policy of paying up to 40% of group net profits to its shareholders, subject to its future capital expenditure requirements and other considerations.

Inari is slated to list on the ACE Market of Bursa Malaysia Securities Bhd on July 19.


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