KUALA LUMPUR (Feb 28): Uchi Technologies Bhd said its recently-appointed executive director, Chin Yau Meng, will be redesignated as managing director.

The current managing director, Taiwan national Kao De-Tsan (Ted Kao) will be redesignated as executive director.

The change will take place on June 1, according to the group’s  filing with Bursa Malaysia.

Uchi had in a previous filing said Chin, 57, will assume the post of executive director on March 1.

Chin joined Uchi Electronic (M) Sdn Bhd in 1990 as a production officer and currently leads the mechatronic manufacturing division in Uchi Optoelectronic (M) Sdn Bhd, as well as the overall operations of Uchi Dongguan in China.

Chin has a 0.1% stake in the electronics systems manufacturer while Kao, 60, controls a 20.37% interest in the group via Eastbow International Ltd, and his own holdings and that of his spouse.

Uchi had also announced on Feb 26 the appointment of independent director Lim Tian How, following the resignation of Dr Heinrich Komesker from the post.

Komesker, 66, had resigned to pursue personal interests, the group said, while Lim, 56, is currently also operations director and product engineering director at Robert Bosch (M) Sdn Bhd.

Uchi saw its net profit for the fourth quarter ended Dec 31, 2017 rise 53.89% to RM19 million from RM12.34 million a year ago as revenue grew 9.61% to RM34.7 million from RM31.66 million in the previous year’s corresponding quarter.

A net fair value gain on derivatives and a reversal of provisions for rework and warranty recognised in the previous year’s corresponding quarter had boosted its quarterly profit, Uchi said.

For its full 2017 financial year, the group recorded a 27.01% increase in net profit to RM70.5 million while revenue grew 12.98% to RM136.59 million on the back of higher demand for its products and services as well as the appreciation of the US dollar against the ringgit.

Shares in Uchi closed down 7 sen or 2.27% at RM3.02 today, giving the group a market capitalisation of RM1.36 billion.