Revenue at Karin Up 18.4%

A leading Hong Kong-based electronic and industrial components and IT solutions distributor and outsourcing service provider, Karin Technology Holdings Limited (SGX: K29) posted an 18.4% jump in turnover for Financial Year 2013 (FY2013) to HK$3.8 billion.

Below is a breakdown of the revenue as obtained from the results announcement:

Karin table

The net profit for FY2013 was down 7.5% to HK$55.7 million from HK$60.2 million the previous year. The dip in net profit was due to a rise in operating expenses and increase in taxable profit in certain subsidiaries.

The earnings per share was also down at a clip of 8.3% to 26.4 HK cents.

As of 30th June 2013, the company has a total debt of HK$153.4 million against a backdrop of HK$92.3 million in cash.

For FY2013, Karin generated HK$54.1 million from operations as compared to HK$23.3 million used in operations in FY2012.

Commenting on thes FY2013 results, Karin’s Executive Chairman, Mr Philip Ng, said: “We are very pleased to have achieved a record breaking revenue of HK$3.83 billion for FY2013 as it is a reflection of our intensified sales activities. We remain focused on our long-term strategy to develop a sustainable business model through broadening the range of brands, products and services offered by the Group. We will also continue in our efforts to strengthen our market penetration, our distribution network as well as vendor and customer base, while remaining prudent in our financial management.”

The company has proposed a final dividend of HK 9.3 cents per share. This totals to HK 16.5 cents dividends per share for the whole of FY2013.

The shares closed at $0.36 on 27th August 2013.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.