Kuala Lumpur: JCY International Bhd, one of Southeast Asia’s biggest technology companies, is expected to approve a payment of up to RM40 million to shareholders today.
“They are having a board meeting tomorrow, followed by an analysts’ meeting later in the day,” a person familiar with the matter said yesterday.
The RM40 million is the second interim dividend that JCY is paying in this financial year to shareholders. Earlier in the year, JCY paid RM40 million in cash dividend to shareholders.
The company is expected to announce its results today.
Business Times understands that JCY’s net profit for the six months just ended should come in at about RM340 million.
In the first quarter ended December 31, 2011, JCY’s net profit surged more than 20-fold to RM162 million from RM7 million in the same period a year ago.
The surge was attributed to flash floods in Thailand last year that caused havoc to hard disk-drive (HDD) component manufacturers based there.
The situation had benefited JCY, whose operations were spared by the October floods, thus allowing the company to take up additional orders from HDD makers such as Western Digital Corp and Seagate Technology.
JCY currently has 18 factories located mainly in Malaysia, China (Suzhou and Foshan) and Thailand.
It employs some 18,000 people, of which 15,000 are in Malaysia.
It is understood that at the analyst briefing, JCY will unveil plans for its operations in China.
By Francis Fernandez
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