Magnecomp Sees Double-Digit Earnings Growth in '99, Paper Says
Bloomberg News
April 18, 1999, 6:11 p.m. PT
Singapore, April 19 (Bloomberg) -- Magnecomp International
Ltd. a disk drive suspension maker, expects double-digit earnings
growth in 1999 in spite of signs that its first-half profit will
be weaker than the previous year, the Singapore Business Times
reported, citing the company's chief financial officer Vinod
Gupta. In the first six months of the year the company will be
hurt by slowing orders from disk-drive manufacturer Seagate
Technology Inc., which accounted for about 40 percent of
Magnecomp's sales in 1998, the paper reported, quoting analysts.
Magnecomp is diversifying into the wireless suspensions business,
targeting potential customers such as Maxtor, Samsung, IBM and
Western Digital, the paper said.
Magnecomp's profit for the year ended Dec. 31 1998 rose 65
percent to S$24.5 million. |
