Thai Hana 2007 profit up 11 pct, beat forecasts

BANGKOK, Feb 29 (Reuters) - Thailand's Hana Microelectronics PCL HANA.BK said on Friday its 2007 net profit rose a better than expected 11 percent due to gains from extra items, but a stronger baht squeezed its margins.

Hana, which counts Agilent Technologies Inc (A.N) as a major client, reported a net profit of 2.45 billion baht ($77 million), up from 2.22 billion baht in 2006.

Six analysts polled by Reuters Estimates had forecast an average net profit of 2.19 billion baht. The firm's net profit was expected to drop to 2.14 billion baht in 2008.

At 0305 GMT, Hana shares were up 1.6 percent at 19.10 baht, while the main Thai index .SETI was up 0.07 percent.

It made a net profit of 613 million baht in the October-December quarter, up 21 percent from a year earlier, while sales were flat at 4.0 billion baht, Hana said in a statement.

The company booked 392 million baht from extra items which came mostly from a net gain on the sale of Hana's 23.4 percent stake in Advanced Interconnect Technologies to Malaysia's Unisem (UNSM.KL), it said.

Excluding extra items, Hana had a profit of 2.06 billion baht, down 7 percent from 2006 , the statement said.

The integrated circuit (IC) packager's 2007 revenues rose 15 percent in dollar terms, but only 4 percent when calculated in baht, which was 9 percent higher against dollar than a year earlier, it said.

The stronger baht trimmed the company's 2007 gross profit margin to 16 percent from 19 percent a year earlier.

Sales at Hana's microelectronics division rose 25 percent in 2007, while revenues from the IC division rose 4 percent in dollar terms, but fell 5 percent in baht terms.

Hana assembles small IC packages for a wide range of products, including microchips for mobile phones, hand-held computers and digital cameras.

It also makes parts for hearing aids, access control cards and electronic lighting for cars. Its competitors include Unisem and other electronic parts makers in Singapore and China. ($1 = 32.00 baht) (Reporting by Khettiya Jittapong, Editing by Michael Battye)