Willas-Array Electronics Holdings Ltd. announced that it has entered into a joint venture agreement with G.M.I Technology Inc. (GMI) to strengthen their distribution business of Toshiba products in mainland China and Hong Kong. Under the agreement, a joint venture company by the name of GW Electronics Company Limited has been formed, and the company will be an authorized distributor of Toshiba Semiconductor. The major focus of this new company will be to distribute Toshiba semiconductor products in mainland China and Hong Kong. The operation of the joint venture is expected to start from early next year.

Willas-Array Electronics Holdings Ltd. reported unaudited group earnings results for the six months ended September 30, 2012. For the period, the company reported revenue of HKD 1,667.4 million compared to HKD 1,786.3 million a year ago. Profit before tax was HKD 29 million compared to HKD 38.8 million a year ago. Profit attributable to shareholders was HKD 22.4 million compared to HKD 30.5 million a year ago. Diluted earnings per share stood at 5.93 cents, down from 8.08 cents a year ago. Net cash used in operating activities was HKD 105.728 million compared to HKD 26.719 million a year ago. Cash outflow in operating activities was mainly attributable to the increase in inventories and trade receivables towards the end of the period under review. Purchase of property, plant and equipment was HKD 1.446 million compared to HKD 10.870 million a year ago.

Willas-Array Electronics Holdings Ltd. reported group earnings results for the year ended March 31, 2012. For the period, the company reported revenue of HKD 3,262,086,000 compared with HKD 3,797,120,000 for the same period last year. Other operating income was HKD 4,246,000 compared with HKD 3,768,000 for the same period last year. Profit before tax was HKD 55,885,000 compared with HKD 110,044,000 for the same period last year. Profit for the year attributable to owners of the company was HKD 44,518,000 or 11.77 cents diluted per share compared with HKD 86,010,000 or 26.37 cents diluted per share for the same period last year. Net cash from operating activities was HKD 223,939,000 compared with HKD 5,822,000 for the same period last year. Purchase of property, plant and equipment was HKD 12,332,000 compared with HKD 87,720,000 for the same period last year. The drop in net profit was largely attributable to the 14.1% dip in revenue to HKD 3.3 billion due to weak consumer buying sentiments and demand-side slowdown, which was made worse by Europe's ongoing sovereign debt crisis. The board of directors proposed first & final dividend of HKD 0.06088 per ordinary share and special dividend of HKD 0.01826 per ordinary share. The proposed first & final and special dividends, if approved by shareholders of the company at the Annual General Meeting to be held on July 30, 2012, will be payable on August 21, 2012, compared with first & final dividend of HKD 0.10354 per ordinary share for 2010. The Register of Member of Transfer Books of the company will be closed at the close of market on August 8, 2012 for the purpose of determining shareholders’ entitlements to dividends.