Sunway International Holdings Limited Interim Results for the Period Ended 31 March 2010
HONG KONG, May 24 /PRNewswire-Asia/ -- Leading electronic consumer product and components producer Sunway International Holdings Ltd (HKEx: 58 / Singapore: Sunway) today announces its interim results for the six months ended 31 March 2010. The Group recorded a consolidated turnover of HK$398,496,000, representing a decrease of 7.0% compared to HK$428,290,000 in corresponding period last year. Gross profit for the period was HK$11,432,000 with gross profit margin of 2.9% compared with the previous 4.9%. The decrease in gross profit margin was due to the increase in the labour cost of the production plants in Mainland China. Loss before tax for the period was HK$37,816,000. The Group reported a net loss of HK$37,936,000 for the period, a decrease of 60.5% compared to HK$95,966,000 in corresponding period last year.
Turnover of electronic calculators was HK$196,532,000, representing a decrease of 8.2% from the previous corresponding period. Sales of electronic calculators contributed 49.3% of the Group's turnover for the period. The business of high-end calculators was under steady growth while the business of low-end calculators was dropping.
Sales of electronic watches and clocks was HK$68,441,000, an increase of 6.9% year-on-year. It accounted for 17.2% of the Group's total turnover for the period.
Telephone products recorded a turnover of HK$18,786,000, dropped by 63.1% compared with previous corresponding period. It represented 4.7% of the Group's turnover for the period.
Sales of digital products amounted to HK$6,216,000, dropped by 81.6% compared with previous corresponding period. It represented 1.6% of the Group's turnover for the period.
Revenue from liquid crystal displays ("LCD") was HK$46,745,000, an increase of 44.8% year-on-year. It represented 11.7% of the Group's turnover for the period. Turnover of electronic components and parts got an increase of 66.3% from previous corresponding period.
The Group endeavors to expand the market of the high-end calculators products, which has a higher profit margin. It will continue to innovate and develop new models of high-end calculators in order to attract new customers.
The Group will from time to time seek for investment opportunity in
industries that could provide investment potential and broaden the income base
of the Group.
Financial Highlights
Period ended 31 March,
2010 2009
HK$'000 HK$'000
Turnover 398,496 428,290
Loss before Tax (37,816) (95,141)
Net Loss Attributable
to Shareholders (37,936) (95,966)
Loss per Share -- Basic (HK3.73 cents) (HK9.50 cents)
About Sunway International Holdings Limited
Sunway International Holdings Limited (HKEx: 58 / Singapore: Sunway) is a leading China-based manufacturer of consumer electronic products and components with a wide stretch of businesses from calculators, quartz crystals, liquid crystal displays (LCD), telephones and integrated circuits to electronic watch movements. It is one of the region's largest manufacturers of calculators, quartz crystals and LCD. It participates in the telecom equipment-manufacturing sector through a 40% interest in a joint venture with Taiwan Telecommunication Investment Co. Ltd. The Group's manufacturing facilities are based in Fujian, China with a workforce of approximately 10,000.
Media Contact
Sunway International Holdings Limited
Raymond Leung
Tel: +852-2413-6812
Fax: +852-2413-6859
Email: [email protected]
SOURCE Sunway International Holdings Limited
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