CONGLOMERATE WBL Corporation's net profit for the first quarter ended Dec 31 more than trebled to $25.8 million from $7.9 million as turnover rose 17 per cent to $597.9 million.

The year-on-year jump in earnings attributable to shareholders came as WBL achieved strong performances in its core technology manufacturing and automotive divisions.

The technology manufacturing division saw higher than expected sales by the group's flexible printed circuit subsidiaries, Multi-Fineline Electronix and MFS Technology.

Pre-tax profit for the technology manufacturing division rose 46 per cent to $59.5 million on a revenue rise of 38 per cent to $396.5 million.

Revenue for the group's automotive division fell to $108.9 million in Q1 due to keen competition. However, pre-tax profit increased by nearly 20 per cent to $4.3 million due to higher margins.

The automotive division comprises companies which are retail specialists for Bentley, Jaguar, Volvo, Chevrolet, Ford, Mazda and Renault cars in the region.

WBL's technology solutions division grew revenue by 36 per cent to $29.3 million but this division recorded a loss of $554,000.

The performance of the group's investment portfolio improved as a result of streamlining efforts which started last year.

The companies in the portfolio recorded a pre-tax profit of $1.2 million for the quarter ended Dec 31, 2005, compared with a loss of $11.3 million in the previous corresponding period.

WBL's CEO Tan Choon Seng said: 'We are building on the momentum which we started last year, to restructure and streamline our operations and improve communications with investors.'

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

It said that due to the shorter reporting period and the seasonality of sales of electronics products in Q2, the technology manufacturing division is likely to report slower sales than in Q1.

It added that the automotive and technology solutions divisions are likely to see keen competition and increasing pressure on margins. WBL is cautiously optimistic about overall performance of Q2.

WBL's share price rose 10 cents to close at $6.35 yesterday.