Biosensors International's profits up 10.5% to US$111.6m

It also declared its first dividend in 8 years.

According to OCBC Investment Research, Biosensors International Group (BIG) reported a mild 4QFY13 revenue increase of 0.7% YoY to US$88.8m, as strong product sales growth (+16.9%) was offset by a sharp 45.7% dip in licensing and royalties revenue.

OCBC noted that for FY13, revenue and core PATMI jumped 15.1% and 10.5% to US$336.2m and US$111.6m, respectively. 

"This closely matched our US$88.5m forecast. PATMI excluding exceptional items came in at US$29.8m, a 4.1% increase YoY and exceeded our forecast by 6.5%, thanks to an income tax benefit of US$5.9m due largely to a tax refund received," said OCBC.

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The former came in at the low end of management’s 15-20% revenue growth guidance for FY13.

Positive dividend surprise, first ever declared since listing. Surprisingly, BIG declared its first ever dividend since its IPO in May 2005. We believe this decision was supported by its huge net cash hoard of US$336.9m (as at end FY13). Declared DPS of US$0.02 translates into a payout ratio of 29.9% and  yield of ~2.1%.