The Hungarian plant is expected to bring in sales of US$7-10 million by year's end and will serve customers including Compaq and Apple, Lin said.
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DJ Singapore's Natsteel Elec: 1Q Earnings Up 40% On Year
Dow Jones Newswires
SINGAPORE -- Singapore contract manufacturer NatSteel Electronics Ltd. (P.NSE) posted 40% growth in earnings in the first quarter compared with a year earlier, a top executive said Thursday.
Without giving specific figures, NatSteel Electronics Chief Executive Office Chester Lin added the group expects earnings to grow about 50% in the first half compared with the first half of 1998.
Lin reiterated the group forecast for 30%-40% earnings growth for the full year, but he said a clearer picture of prospects for the second half of 1999 should emerge next month.
At the press briefing Thursday, Lin announced the opening of the company's Hungarian plant with an initial investment of US$4.9 million.
The Hungarian plant is expected to bring in sales of US$7-10 million by year's end and will serve customers including Compaq and Apple, Lin said.
The plant, in its first phase, will house two SMT, or surface mount technology, lines.
The construction on the second phase of the plant is expected to begin next month and may take up to 9 months to complete, he said.
On current and future plans, Lin said the company is currently looking at a few projects in Europe and the U.S.
He declined to give further details.
At 0803 GMT (4:03 a.m. EDT), shares of Natsteel Electronics were trading at S$5.70 (US$1=S$1.7315), up 8.6% from Wednesday's close on volume of 1.71 million shares.
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