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Lemarne confident in FY11

Lemarne confident in FY11

Electronic and telephone component manufacturer Lemarne Corporation (ASX:LMC) has announced it is confident of achieving its trading objectives in FY11 despite what it expects to be a volatile year in its core markets.

The company reported a 46% decrease in operating profit in FY10 to $11.8 million.

While revenue at its sole operating unit, Malaysia's Lemtronics, grew 14.8% to 145 million ringitt ($49.5 million), the company was hit with a 4 million ringitt exchange rate loss.

“Lemerne continues to explore ways of growing Lemtronics and building upon the investments made and initiatives taken in recent times,” chairman Brian Noxon and managing director Peter Murphy said in a letter to shareholders.

The company is particularly focused on expansion in certain international markets, they added.

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Tags GuidanceBrian NoxonLemarnefinancial resultsPeter MurphyASX:LMC

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