Bangkok--27 Nov--COMMUNICATION & MORE
Highlights 4th Quarter:
Turnover up 4% at S$209.6 m
Operating Profit up 10% at S$33.9 m
Net Profit up 26% at S$25.1 m
Full Year Highlights:
Dividend of 6 cents (tax exempt one-tier)
Bonus dividend of 19 cents (tax exempt one-tier)
Turnover level at S$775.2 m
Net Profit up 2% at S$82.8 m
Return on Shareholder’s Fund at 22.8%
Cerebos Pacific Limited today announced a 26% rise in 4th Quarter FY2008/9 net profit at S$25.1 million compared to S$19.8 million in the 4th Quarter of last year. Operating Profit before interest and tax was 10% above the 4th Quarter of last year, mainly from stronger sales in most product categories in most of its major markets.
Commenting on the encouraging results, President & Chief Executive Officer, Mr. Eiji Koike said: “I am pleased to say that the Group’s 4th Quarter Operating Profit is 10% higher and the Net Profit is 26% higher than last year. Excluding the translation loss of S$2.0 million, Operating Profit would have been 16% higher.
For Asia, 4th Quarter turnover was up 8% with Thailand, Taiwan, Malaysia and Singapore contributing to the bulk of growth in our health supplements business. Excluding the S$0.9 million translation loss, turnover would have been 9% higher.
For Australasia, 4th Quarter turnover was level as a result of the translation loss of S$11.2 million. Excluding this impact turnover would have grown 12%, mainly from the strong performance in the coffee, including the newly acquired Toby’s Estate, and the sauce categories.”
For the full year FY2008/9, Cerebos achieved a net profit of S$82.8 million (S$81.0 million in FY2007/8) on level turnover of S$775.2 million. Excluding the translation loss of S$59.9 million, the growth in full year turnover would have been 8%, driven by the growth from all three core businesses of Health Supplements, Coffee and Sauces. Group Operating Profit was 4% lower than the previous year. Excluding the translation loss of S$4.0 million, Operating Profit would have been on par with last year. Return on Shareholders’ Funds was a respectable 22.8%.
Overall the full year results were dampened by weaker performance in the 2nd and 3rd Quarters, due to the economic and financial crisis, exchange rate movement and the USA product recall.
For the full year, excluding the translation loss of S$60.5 million, Australasia turnover would have been 11% above last year. Australasia’s lower operating profit was mainly due to the weakening of the Australian and New Zealand currencies on foreign currency purchases.
For Asia, full year top line growth was led by Thailand, Taiwan, Malaysia and Singapore driven by investments in brand building. Excluding the translation gain of S$0.6 million, turnover would have been 6% above last year. Excluding the exchange loss of S$1.8 million, Asia’s OP growth in the health supplement business would have been 1% above last year.
The Board of Directors is recommending a first and final dividend of 6 cents per share, tax exempt one-tier. (First & final 6 cents per share; tax exempt one-tier in FY2007/8).
In recognition of the enduring support from shareholders, the Board is also recommending a bonus dividend of 19 cents per share; tax exempt one-tier. (FY2007/8: 19 cents; tax exempt one-tier).
Reviewing the year and looking forward, Mr. Koike was positive: “Despite the adverse economic conditions, the Group turned in a reasonable performance by maintaining and enhancing our competitiveness through the year. The Group's results reinforce its strategy of continuing with investments that lead to long-term sustainable growth.
We look to our shareholders for their continued support and hopefully to share our vision that key strategic investments made during the year are required to ensure our future source of growth. In particular, brand building, research & development and capacity expansion in Thailand and Malaysia, are critical for the Group to create and exploit market opportunities.”
For more information please contact:
COMMUNICATION & MORE LTD
2 Soi 24/3 Ramkamhaeng Rd., Huamark Bangkapi Bangkok 10240
Tel. 0-2718-3800 ext.137
Fax. 0-2720-3323