GP Batteries announced that the turnover for the three months and twelve months ended 31 March 2009 was S$181.5 million and S$864.1 million respectively, a decrease of 8% and 11.5% over the corresponding period last year. Sales of Nickel Metal Hydride (NiMH) rechargeable batteries and micro batteries registered a decline of about 17% and 27%, while that of 9-volt and alkaline primary cylindrical batteries increased by 28% and 16% respectively. The Americas and Europe recorded a dip in turnover by about 15%, while sales in the PRC and Hong Kong increased by about 13%.

The Group’s subsidiary in Taiwan signed a 5-year subcontracting agreement with Boston- Power Inc of the US, to produce their batteries which are used in laptops and electric vehicles. This arrangement helps to improve the utilization of the Group’s manufacturing facilities. For EV batteries, the Group worked on several new projects which might become better opportunities in the coming year. One such project is the hybridization of the diesel gantry cranes in the container terminal. Fuel saving of more than 50% was reported. Preparation for the JV factory with Corun in China is continuing. The Group worked with Plug-In Conversions Corp of the US to develop and market a conversion kit to convert standard Toyota Prius hybrids to operate as Plug-in Hybrids. This could possibly be developed into a major project in the future.

Sales of batteries for high-end electric bicycles remained strong for the quarter making the Group a significant world supplier in this market. The Group acquired an additional 15% interest in Gold Won Electrochemical Company Limited, thereby making the latter a wholly-owned subsidiary. The Group had also increased its equity interests in Huizhou Gold Yi Industries Company Limited and Huizhou Long Tek Plastic Limited from 38.25% to 45% and 42.5% to 50% respectively. The restructuring of STL Group has been completed and the Group presently holds a 38.25% interest in STL Group. STL Group is progressing along its plan for a potential listing in Taiwan.