MORE than a year after vacating the driving seat at WBL Corporation, Mr Tang I-Fang, the man credited for transforming the firm into a technology conglomerate, retires today.

Mr Tang, who first joined the company's board in 1978, will get a $1 million gratuity "in recognition of his years of dedication, stewardship and contributions", WBL said yesterday.

It has been quite a ride for the 82-year-old, who was named Businessman of the Year in 1989.

Mr Tang led WBL as chief executive for 17 years, overseeing the remarkable transformation of an automotive firm with turnover of less than $100 million a year to a powerhouse with revenues of almost $2 billion.

He stepped down from the top job in Dec 2004 in favour of Mr Tan Choon Seng, staying on as executive director and chairman. He is now vacating those posts "as part of the planned leadership succession", WBL said.

Mr Wong Nang Jang, a director of OCBC Bank, becomes non-executive chairman today. As if to underline the winner Mr Tang helped create, WBL posted bumper results yesterday.

The firm reported half-year net profits doubling to $40.3 million, from $19.9 million a year ago. Revenue was a record $1.1 billion, up 14 per cent.

In the second quarter alone, net profit rose 21.2 per cent to $14.5 million, while revenue went up 11.4 per cent to $522.9 million.

An interim dividend of five cents per ordinary share was declared.

Mr Tan paid tribute to Mr Tang: "Under his leadership, the company was able to remain flexible and adapt quickly to changing market trends.

"WBL's success today is due mainly to Mr Tang's foresight."

WBL started as a family automotive business in the early 1900s. The Wearne brothers began selling cars and spare parts, but branched out by acquiring various franchises that gave them a presence spanning Singapore, Malaya and Burma.

Under Mr Tang, it ventured into new investments in the 1980s. In particular, he was instrumental in the decision to invest in developing Flexible Printed Circuits (FPCs), used in devices such as mobile phones and personal digital assistants.

WBL's technology manufacturing division is now its main driver of revenue and profit growth. Its two subsidiaries, Nasdaq-listed Multi-Fineline Electronix (M-Flex) and Singapore-listed MFS Technology (MFS), have combined revenues which make them the world's second-largest FPC manufacturer and assembler. Mr Tan attributed the group's latest good showing to the "continued strong performance" of the division, which contributed $737.8 million in revenue and $92.1 million in pre-tax profit during the first half.

WBL's investments portfolio recorded a pre-tax profit of $5.7 million in the first half, reversing a loss of $21.5 million previously.

The automotive division had a smaller half-year pre-tax profit of $8.4 million, compared with $12.3 million previously, while the technology solutions arm had a small pre-tax loss of $85,000, from a profit of $2.2 million.

Earnings per share for the half-year jumped to 19.4 cents from 11.4 cents. Net asset value per share as at the end of March was $3.30, up from $3.14 at the end of September last year.

WBL shares closed at $6, down 75 cents yesterday.