A full-year net profit of $66.8 million has put a Leaner WBL Corporation into full swing after a big $2.07 billion loss in 2007.
This large amount comes from one off-net gains of $8.9 million and also from a 0.4 per cent increase in revenue to $2.07 billion.
CEO Tan Choon Seng confirmed yesterday, “Some difficult decisions we’ve made this year to dispose of passive assets and streamline our business have fired up all four engines again.”
With these positive results, WBL is still being cautious with its next plans since the company is aware that a decrease in demand for mobile devices and cars can hit its technology and auto arms.
“We trimmed operations, went back to business fundamentals and strengthened our balance sheet before the economic turmoil hit, so we’re now better prepared to face the challenges ahead,” added Mr. Tan.
The group Patmi (profit after tax and minority interests) received significant contributions from WBL’s core divisions—technology, property, automotive, engineering and distribution. They contributed $31 million, $25.7 million, $11.5 million and $14.7 million respectively.
The demand for order books for WBL’s engineering and distribution divisions remain intact. And in spite of today’s economic situation, the company has been preparing new products in the medical and security field for launching.
WBL’s positive income can be largely attributed from September 30 operations of $128.8 million and an increased net reaching 8 per cent, down from 23 per cent previously.
While WBL’s stock closed 15 cents higher at $3.20 on Friday.