Posted by Jimmy Song > 2014-08-29 09:40 | Report Abuse

SIGNATURE INTERNATIONAL BERHAD ANNOUNCES 4TH QUARTER RESULTS Q4 Net Profit Soars 95.3% to RM8.4 million PETALING JAYA, 28 AUGUST 2014 – SIGNATURE INTERNATIONAL BERHAD (“SIB” or the “Group”), today announced its fourth quarter results for its financial year ended 30 June 2014 (“Q4FYE2014”) with revenue of RM63.6 million, an increase of 51.6% as compared to the preceding quarter (“Q3FYE2014”). The Group recorded profit before tax (“PBT”) of RM10.3 million and profit after tax (“PAT”) of RM8.4 million, representing a staggering increase of 82.6% and 95.3% respectively as compared to Q3FYE2014. The Group’s revenue and earnings were boosted substantially by its key business segment - Kitchen and Wardrobe Systems. Revenue for this segment increased significantly by 67.6% to RM61.2 million from the preceding quarter. Subsequently, this increased the segment’s pre-tax earnings by a remarkable 63.1% to RM9.4 million from Q3FYE2014. The Group services both property development projects and the retail markets with its kitchen and wardrobe systems. While the Group reported significant improvement in sales from both market segments, the sales to property development projects registered an exceptional increase. This is from numerous projects completed and fully recognised during the quarter under review. For the financial year ended 30 June 2014 (“FYE2014”), SIB reported stellar performance with a 260% increase in earnings to RM18.2 million for the year on the back of RM175.4 million in revenue. Earnings Per Share (“EPS”) rose to 15 sen for FYE2014 compared to 3.9 sen for FYE2013. The strong improvement in the Group’s revenue and earnings for the financial year is attributable to a strong performance by the Group’s Kitchen & Wardrobe segment, which makes up 88.3% and 81.0% of the Group’s total revenue and pre-tax profits respectively. The Group’s balance sheet remains healthy with total shareholders’ equity (before minority interest) of RM119.3 million, and cash reserves of RM15.3 million. The Group’s net assets per share increased to RM1.00 as at 30 June 2014. “The property sector looks promising for Signature as many residential developments enter their later phases of development which involves fittings and furnishings. Meanwhile, furnishings of kitchens have become more popular for new property developments. In the past, this was mostly limited to high-end developments but the same trend has spilled over to mid-end developments in recent years.” Mr. Chooi Yoey Sun commented, Group Executive Director. During the financial year under review, Signature Interiors Sdn Bhd was incorporated to venture into the business of design and build, interior fit-out work, focusing on the hospitality industry, hotels and commercial buildings. Since its first year of incorporation, it has successfully secured a sizeable RM34.0 million worth of interior fit-out works and the Group is optimistic that more projects will be awarded for the coming years. In addition, as part of its corporate social responsibility initiative, the Group has also incorporated Signature Academy Sdn Bhd during the financial year. Signature Academy will be involved in developing and training skilled workers in the field of installation work to equip them with the necessary knowledge and skills in order to gain employment opportunities in the industry. This initiative will also increase the number of installers available in the workforce in order to meet the current and future demands. “We believe we have the responsibility as a corporate citizen to assist in the well-being of our society and we hope this initiative will work out well and create better employment opportunities.” Concluded Mr Chooi.