SINGAPORE (April 18, 11:55 a.m. ET) — The ongoing European debt crisis, slower global economy and mixed growth prospects for businesses will continue to challenge Sunningdale Tech Ltd. during this year, Chairman Koh Boon Hwee said.
“[But] the initiative in acquiring the companies in Europe during the year will allow us to serve our customers globally, and while it is still early, we hope to extend our operations beyond the consumer/ IT [information technology] business segment,” he said in the 2011 annual report.
Koh said Singapore-based Sunningdale Tech would continue to diversify geographically. Last year the company acquired Ufe Pte Ltd, ATEC AB of Sweden and Akciju Sabiedriba Atec (AS ATEC) of Latvia.
The company reported that its 2011 sales were to S$402.8 million (US$322.54 million), up 5.8 percent compared to 2010.
The company ended 2011 with a net loss of S$11.4 million (US$9.13 million). Had it not been for losses at Chi Wo Plastic Moulds Fty Ltd. and Ufe Pte Ltd., the company said it would have reported a net profit of S$12.3 million (U$9.85 million) last year, down 10 percent from 2010.
The company blamed the results on the weak U.S. dollar, rising labor and resin costs, price pressure from customers, natural disasters in Japan and Thailand and a slowdown in orders, especially in the consumer/IT businesses.