Recycling firm Citiraya Industries, headquartered in Singapore, has come out with sparkling results at full-time.
The firm, which specializes in extracting gold and other precious metals from electronic waste, says profits were up 412 percent to S$12.2 million in the year to December.
Profits were boosted by higher gold prices and increased capacity at its Singapore recycling plant.
Barring unforeseen circumstances, the firm expects to continue enjoying double-digit growth in the year-ahead.
And it is expanding operations into China and Malaysia.
The company also announced that it has entered into a contract with ChipPAC Malaysia Sdn Bhd to provide services for the collection and recycling of electronic scrap materials. The contract will be for a 1-year period commencing this month.
The contract may be renewed for a further period of 1 year on the same terms.
Although the contract is expected to have a positive material impact on earnings in 2003, the company will be able to ascertain the significance of its contribution to overall earnings only in the next 3 to 6 months.