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Willas-Array reports FY200910ss amidst difficult business environment; maintains healthy cash flow and optimal inventory level (27 May 09)

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  • Revenue: -7.8%
  • Net Profit: -69.9%
  • Press Release: Sales declined by 7.8% due to lower orders by customers in 2H2009 as a result of weaker demandfor electronic goods
  • Gross margin dipped slightly to 10.3%from 11. 7% a year ago due to a deliberate move to clear excess inventory at lower prices
  • Strong financial discipline and seasoned management team will ensure the Group emerge stronger from the crisis
  • Outlook: Not withstanding the uncertain global economic outlook, the Group remains committed to alleviating the impact of the current softening of the economy by implementing stringent cost controls, maintaining healthy liquidity position, and will continue to monitor the market situation and proactively look out for opportunities in the PRC.
  • Due to the loss incurred for financial year 2009, the Group is unable to meet one of the financial covenant requirements in respect of ratio of earnings over interest expenses from two banks.

FINANCIAL RECORDS

Revenue (HKD '000)

FY 1H 2H Total
2009 1,413,155 937,830 2,350,985
2008 1,309,775 1,238,737 2,548,512
2007 1,113,474 1,091,106 2,204,580
2006 1,078,996 1,005,890 2,084,886
2005 NA NA 2,043,852
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Earnings (HKD '000)

FY 1H 2H Total
2009 7,874 (27,531) (19,657)
2008 26,163 19,714 45,877
2007 22,931 18,322 41,253
2006 6,145 18,112 24,257
2005 NA NA 27,556
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Dividends

FY Interim Final Special (HKD)
2009 NA NA NA
2008 NA 0.074893 NA
2007 NA 0.06677 0.01541
2006 NA 0.05923 NA
2005 NA 0.05651 NA
2004 NA 0.05461 NA
2003 NA 0.04490 NA
2002 NA 0.04430 NA
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Bonus / Rights / Stock Split

Date Type Details
NA
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Share Data (HKD)

NAV = $1.1051
EPS = $(0.0634) (12M FY09)
No of Shares = 310,000,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA



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