MAINBOARD-LISTED WBL Corporation yesterday reported record first-quarter results.

Net profit for the three months ended Dec 31 more than trebled to $25.8 million from $7.9 million in the corresponding period in 2004.

Turnover hit $597.9 million, up 16.5 per cent on the back of strong performances from the core technology manufacturing and automotive divisions.

The companies in the group's investment portfolio also achieved better results.

Higher-than-expected sales by WBL's flexible printed circuit subsidiaries, Multi-Fineline Electronixand MFS Technology, lifted the technology manufacturing division's pre-tax profit to $59.5 million, up 46.2 per cent. Corresponding revenue grew 37.9 per cent to $396.5 million.

At the automotive division, sales fell to $108.9 million from $138.4 million due to keen competition and lower certificate of entitlement prices.

However, WBL - which distributes upmarket Bentley, Volvo and Jaguar cars - benefited from higher profit margins which drove pre-tax profit at the automotive division up by nearly 20 per cent to $4.3 million.

Its investments also recorded a turnaround, with a pre-tax gain of $1.2 million compared with a loss of $11.3 million in the same quarter last year.

Group chief executive officer Tan Choon Seng said: 'We are building on the momentum which we started last year, to restructure and streamline our operations and improve communication with investors.'

Earnings per share climbed to 12.5 cents from 4.6 cents previously while net asset value per share rose to $3.37 from $3.14 as at Sept 30 last year.

WBL expects its second-quarter results to continue to be positive year-on-year.

However, due to a shorter reporting period and the seasonality of electronic product sales, the technology manufacturing division is likely to report slower sales in the second quarter compared to the first quarter.

WBL shares have had a spectacular year, almost doubling their value over the past 52 weeks. Yesterday, they ended at $6.35, up 10 cents.