Penang-based UCHI TECHNOLOGIES BHD saw earnings and sales pick up in the second quarter ended June 30, 2009, from the preceding quarter although compared to last year, the group still experienced a contraction.
Compared to the previous corresponding quarter, revenue and net profit declined by 33.4% and 71.6% to RM22.4 million and RM4.7 million, respectively, in the second quarter. Meanwhile, profit before tax contracted 71.2% to RM4.9 million.
However, on a sequential basis, the group's revenue and net profit increased 23.3% and 68.4% from respectively, RM18.1 million and RM2.7 million in the first quarter ended March 31, 2009.
For the six-month period, revenue fell 42.4% to RM40.5 million from RM70.4 million a year ago while net profit shrank 78.7% to RM7.4 million from RM35 million.
In notes to the financial statement, the group said it recognised realised foreign exchange losses amounting to RM8.9 million for the two quarters. It added that the recognition of such exchange losses shall not recur in the rest of this year.
According to the group, lower sales volume is expected for the current financial year in line with the global economic slowdown, leading to lower financial results too. No dividends were declared.
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