JF Technology Upbeat on its Prospects for 2009

PETALING JAYA, 10 December 2008 – Mesdaq-listed JF Technology Berhad, a leading designer, manufacturer and assembler of recurring customized test probe and socket consumables recorded impressive results for its financial year ended 30 June 2008.

Revenue for the group since its incorporation on 18 January 2008 to financial year ended 30 June 2008 stood at RM6.02 million with net profit after tax of RM4.43 million. The resulting earning per share is 9.13 sen.

During the Group’s first Annual General Meeting (AGM) held in Petaling Jaya today, JF Tech’s Chairman and Managing Director Foong Wei Kuong said that prospects for the current financial year 2009 is satisfactory but cautioned that the group’s revenue growth may be affected by the slowdown in the global semiconductor industry.

“We are particularly pleased with the outcome of last financial year as we managed to deliver strong earnings result particularly in this difficult economic condition,” said Foong.

Due to the recurring nature of its business, he added that the slowdown will not significantly impact JF Tech’s business as compared to other semiconductor manufacturers.

“JF Tech’s main line of products is consumables and not capital investment goods. Our customized test probes and test sockets are needed as long as there is production of semiconductors,” said Foong.

Foong also disclosed at the AGM that construction of the group’s new manufacturing facility in Kota Damansara was on track for completion by March’09. It will have a capacity to produce up to 200,000 pieces of test probes a month, compared to 10,000 at its current facility. The enlarged capacity is set to drive JF Tech’s revenue growth.

On the R&D front, JF Tech has also completed its development of test probes suitable for lead-free devices; while its next-generation Pogo Pint is already in the final stages of development. JF Technology is the only listed entity on Mesdaq that makes test probes which are used in the testing of integrated circuits for mobile phones, TVs, cars and other electronic products. It now provides over 900 different types of test probes.