Action Asia returns to S$1.4m profit in 4QFY2013

Turnaround attributed to cost controls.

SGX Mainboard-listed Action Asia Limited (Action Asia) reported total sales of S$112.8 million for the full year ended December 31, 2013 (FY2013).

Revenue fell by 40% for FY2013 due to reduced orders from key customers and lower selling prices. The decline in revenue resulted in the Group registering a loss of S$4.3 million for the full year.

However, the Group managed to return to the black in 4QFY2013 with net profit of S$1.4 million. This turnaround was attributed mainly to the Group’s stringent cost control measures and lower operating costs/expenses due to reduced sales.

Despite the loss, the Group’s financial position remained healthy - registering positive cashflow of S$19.6 million in FY2013 from its operating activities, reversing the S$7.7 million operational cash outflow in FY2012.

Group’s cash and cash equivalent rose about 27% to S$51.1 million, up from S$40.1 million at the end of FY2012. Cash per ordinary share stands at 12.8 cents, exceeding the current share price of 12.0 cents as at 28 Feb 2014.

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