Tye Soon special dividend continues

Tye Soon reported its full year results this evening.

Its revenue increased by 11.2% to $160.9 million and is unscatched from Japan eartquake in 1H11 and Thailand flood in 2H11.

Total margins increased by $4.3 million in line with improving sales and better gross margin rate.

However, its operating expenses increased by $3.2 million, with staff costs, logistics costs and operating lease expenses accounting for $2.0 million of the increase.

Profit before tax increased significantly by 30.4% from $4.3 million to $5.6 million.

Inventory levels were at 5.9 months as at 31 December 2010 and 6.2 months as at 31 December 2011.  Receivable levels at the corresponding dates were at 2.3 months and 2.2 months respectively.


Cash generated from operations before accounting for changes in working capital reduced from $9.1 million to $8.5 million.


Dividend

year 2011 :- ordinary  0.287 cents + special 4.6 cents
year 2010 :- ordinary 0.225 cents + special 3.45 cents

Special dividend 4.6 cents declared due to its Consumer Business disposal in December 2010.

Tye Soon just completed the disposal of its property in Jurong East on 30 January 2012 so, another round of special dividend when it next announce its full year results around this time in 2013?  Possibility a lower special dividend as it could be building up on its war chest  for business opportunities that may come along.

But then again, l hope l did not interpret wrongly on the special dividend payment timing.  The special dividend of 4.6 cents has actually been recommended for the financial year 2012.  So, it is kind of puzzling.  From past record, payment date is in May month; for the ordinary dividend - so will this includes payment of special dividend as well?  And if it is really meant for financial year 2012 then there would not be another special dividend when it announce its 2012 final results in 2013?