Sanichi Technology Bhd ... Feb 2009

Sanichi Technology Bhd, a plastic injection moulds and tool maker, expects orders from customers in the electrical and electronics (E&E) industry for its financial year ending June 30, 2009 (FY09) to remain stable at the level of a year earlier despite the economic downturn.

The Johor-based Mesdaq company said in its FY08 annual report that it might see more orders from customers in the automotive industry.

Sanichi’s net loss narrowed to RM618,000 in its first quarter ended Sept 30, 2008 (1QFY09) from RM1.61 million in the preceding quarter, mainly due to improved performance from its subsidiary company in Thailand. When compared to the same quarter a year earlier, Sanichi’s revenue for 1QFY09 rose 9.4% to RM6.83 million from RM6.24 million.

The improved performance was also attributed to lower foreign exchange losses from foreign currency-denominated sales and increased contribution from sales of large moulds and tooling to the automotive sector.

Sanichi had moved into fabricating larger moulds to cater for large components not only for the E&E industry but also the automotive industry, which was expected to help the group leverage the risk of over reliance on a particular industry.