Legend reports record profit

Australian memory manufacturer Legend Corporation has reported a net profit of $6.7 million for its year ending June 30, a 71.8 percent increase on the year earlier.

The company had exceeded its earnings guidance to the market which had been $6.6 million, said Bradley Dowe, CEO at Legend.

Revenue for the Adelaide and Singapore manufacturer was $201 million, up 13.4 percent from last year.

Sales revenue from flash media and flash-based products increased from $18.4 million to $49.9 million in 2006 and the consumer electronics product range experienced a 53 percent increase in revenue compared to last year, the company said in a statement.

Revenue from Asia represented 53.6 percent of turnover and the South African business grew from $1.3 million in sales in its first partial year of full Legend ownership to over $15.2 million.

This financial year, Dowe expected the first contribution from the Cabac acquisition to add revenue. Cabac reported EBIT of $5.5 million on revenue of $56.4 million for the year ending June 30.

The acquisition of Cabac was settled on 3 July and was not included in Legend’s results.

“We will continue to review acquisition opportunities in the electronics and electrical industry,” Dowe said in a statement.