SMT Tech reports loss, new Managing Director

The Group’s revenue for the three months ended 31 March 2012 was HK$182.7 million (S$30.0 million) as compared to HK$432.5 million (S$70.9 million) in the corresponding period of the previous financial year. Loss attributable to shareholders was HK$158.1 million (S$25.9 million) as compared to HK$711.9 million (S$116.7 million) previously. The loss of HK$158.1 million (S$25.9 million) includes an impairment loss on property, plant and equipment of HK$111.2 million (S$18.2 million) and restructuring expenses of HK$16.4 million (S$2.7 million). “The decrease in revenue was mainly due to the downsizing of operations as announced previously and the drop in demand for LED backlight for LCD-TV, computer peripherals, industrial and automotive products," the company said. For the financial year ended 31 March 2012, the Group’s revenue was HK$1,129.0 million (S$185.1 million) as compared to HK$2,140.3 million (S$350.9 million) in the previous financial year. Gross margin improved from 3.5% in the last financial year to 14.7% this year due to the Group moving away from a number of low margin businesses to higher margin businesses and cost reduction efforts. Excluding impairment loss and restructuring expenses, the loss attributable to shareholders was HK$66.0 million (S$10.8 million) as compared to HK$220.6 million (S$36.2 million) in the previous New managing director The company has also announced that Mr Chan Tak Sin Norman will replace the current managing director, Dr Lo Wai Kwok. Chan, the current Deputy Chief Financial Officer, will assume the role of Executive Director of the Company as of 1 June. Chan has more than 20 years of experience serving listed companies as well as overseeing the finance and accounting functions. He has been with the Company since May 2001.