I am pleased to announce that Kian Ann’s net profit rose by 29.3% to a record high of $17.6 million for FY2011 as global economies improved from a challenging 2010. This is a continuation of the stable growth trend over the last few years.
The Group had a record year with sales of $162.3 million, representing an increase of 8.7% over the previous corresponding year. With strong sales performance, gross profit margin increased from 25.4% to 28.4% as demand for parts remained strong. For the year under review, the Group registered gross profit of $46.1 million compared to $37.9 million for the previous corresponding year, representing an improvement of 21.6%.
In line with the improvement in gross profit, the Group’s profit before tax rose 25.7% to $20.8 million in FY2011.
For the year under review, the Group’s subsidiary companies reported profitable results that contributed to our record sales and profit collectively.
We have remained focused on managing costs and cash flow. As at 30 June 2011, the Group’s liquidity position remained healthy with cash and cash equivalents of $22.7 million.
Total equity attributable to owners of the parent increased by $11.6 million to $140.5 million as at 30 June 2011.
Net asset value per ordinary share increased from 29.43 cents as at 30 June 2010 to 32.08 cents as at 30 June 2011.
Earnings per share for FY2011 was 3.83 cents (FY2010: 3.02 cents).
