The Edge Singapore
SINGAPORE (May 29): Battery manufacturer GP Industries posted 4Q earnings of $2.33 million, reversing from the a year ago loss of $7 million.This was a smaller exchange loss of $113,000, compared to a loss of $4.79 million a year ago ago as the US dollar strengthened against the Chinese yuan.Correspondingly, earnings per share for 4Q was 0.48 cent, compared with a loss per share of 1.45 cents a year ago.The 4Q figures took full-year earnings to $29.2 million, up 25.5% from $23.2 million the year before.In 4Q, revenue rose 5.5% to $276.9 million, while gross profit rose 17.1% to $66.2 million.GP Industries has declared a final dividend of 2.25 cents per share, up from 1.75 cents a year ago.GP Industries says the business outlook is clouded by uncertainties due to the US-China trade war, Brexit and softening global growth.As 14.3% of the group's business is subjected to US tariffs, GP Industries says it is working with customers in the US "on the best response to the increased import costs".It also notes that the US's proposed enlarged tariff scheme for all made-in-China products, if implemented, could affect other products."To minimise the impact of the US import tariffs, the group is rapidly expanding the capacity of its manufacturing facilities in Malaysia and Vietnam and exploring other cooperation opportunities outside China to take up more of the group's US export businesses," it says.GP Industries shares closed 0.5 cent higher at 57.5 cents on Tuesday before the results announcement.
