HONG KONG: ACL Semiconductors Inc., one of Asia's largest distributors of memory chip products, announced that net sales for fiscal year 2009 increased 45 percent to $304.7 million compared to net sales of $209.6 million (restated) in fiscal year 2008.
Sales in the fourth quarter ended December 31, 2009 increased 57 percent to $90 million. Net income in fiscal year 2009 totaled $2.9 million compared to a loss of $(172,872) in fiscal year 2008. Income before income taxes totaled $3.6 million in 2009 compared to a loss the previous year. Gross profit increased to $8.5 million in 2009, a 104 percent improvement compared to $4.2 million in 2008.
The Company, which is one of the largest distributors of Samsung memory products for Hong Kong and Southern China, said increased sales was due to increasing demand, limited supplies, and higher selling prices. ACL said that its improved financial performance also occurred because of a decrease in bank interest expense due to a reduction in external financing.
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