Hong Kong, Mar 23, 2009 AEST (ABN Newswire) - Meadville Group (HKG:3313)(Chairman's statement) 2008 was a challenging year for the Group. During the first nine months of 2008, we saw global economy slowing down as impacted by the U.S. subprime issue and high inflation. Lehman Brothers' bankruptcy in September 2008 further led to global credit crunch which caused the already fragile global economy to a decline on an unprecedented scale.
The Group however, given its continued focus on the high technology and high value-added PCB sectors and a long standing and strong positioning in China, was able to capture additional demands from existing and new customers for high value-added PCB from both China and overseas markets, and as a result, deliver record revenue for 2008 with year-on-year growth of 25.3%.
During the year under review, Meadville witnessed growing demands for high technology PCB due to: i) continued infrastructure spending in China; ii) the Chinese government's policies to incentivise local and overseas investments focusing on the research and development ("R&D") and production of high technology electronic products; and iii) continued outsourcing of high technology PCB requirements into China from the U.S., Europe and Japan as original equipment manufacturers ("OEMs") and electronic manufacturing service providers ("EMSs") in different high technology industries have to be more aggressive in cost-cutting. As a result, the Group recorded a blended average layer count of 7.5, as well as a blended average selling price ("ASP") of US$27 per square foot in 2008 (2007 : 7.5 layers at an ASP of US$25 per square foot).
The Group's turnover, gross profit, operating profit and net profit were at approximately HK$5,626 million, HK$1,080 million, HK$679 million and HK$509 million respectively (2007 :HK$4,490 million, HK$1,060 million, HK$497 million and HK$451 million respectively). Excluding non-cash share award expenses, the operating profit and net profit would have been approximately HK$691 million and HK$520 million respectively (2007 : HK$752 million and HK$705 million respectively).
Meadville's revenue growth in 2008 resulted in the Group ranking the 3rd among all PCB makers in China for the year according to the industry analyst, NT Information Limited.
The following link will direct you to their annual result in FY 2008
http://www.meadvillegroup.com/announcement/e2008%20Annual%20Results%20Ann.pdf
Contact
Audrey Sim
Investor Relations & Business Development
Meadville Holdings Ltd.
4, Dai Shun Street, Tai Po Ind. Est.,
Tai Po, NT, HK
Tel: +852-2660-4287
Fax: +852-2660-4930
Email: audrey.sim@meadvillegroup.com
Web: www.meadvillegroup.com
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