said its annual net profit rose 35.4% year-on-year to HK$30.2 million for the year ended 31 December 2009. Turnover, however, fell 19.0% to HK$411 million. Earnings per share were 15.2 HK cents versus 11.2 HK cents. The board recommends a final dividend of 4 HK cents per share, compared to 3 HK cents per share last year.
During the year, sales in power cord and power cord sets, cables and wires, wire harnesses and plastic resins accounted for 54%, 10%, 34% and 2% of the group's total revenue respectively. Despite the drop in revenue, the group said its profitability has sustained during the year under review, and this is primarily attributed to the successful implementation of the "Lean Production" strategy which aims to rationalize the internal operating process within each department and between departments.
In respect of raw material costs, the group said it has adopted the proven strategy of hedging with delivery to reduce costs which results in solid growth in profit. While the implementation of the PRC's new labour law in early 2008 increased the group's costs, the group mentioned that it has reduced the surging pressure on labour costs by capitalizing on semi-automation to realign manpower.
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