omniture

Sunway International Holdings Limited Announces Interim Results for the six months ended 31 March 2013

HONG KONG, May 31, 2013 /PRNewswire/ -- Leading electronic consumer product and components producer Sunway International Holdings Limited (SEHK: 58) today announces the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 31 March 2013 (the "period").

Consolidated turnover for the six months ended 31 March 2013 was HK$377,689,000, representing a slight increase of 3.3% compared to HK$365,542,000 last period. The Group recorded gross loss for the period of HK$29,164,000 with gross profit margin of -7.7% compared with -11.4% last period. Improvement of gross loss was mainly due to absent of provision for inventories in compare with last period. On the other hand, price rise of raw materials drove up the cost of inventories sold.

Overall result of the Group was fairly consistent with last period. Net loss for the period was HK$93,330,000 compared with HK$94,466,000 last period. Basic loss per share for the period was 9 cents.  No interim dividend was proposed for the period.

Sales of consumer electronic products accounted for 77.8% of the Group's revenue and its revenue has increased by 5.5% from HK$278,625,000 last period to HK$293,978,000. Revenue from sales of calculators, watches and clocks and other digital products were HK$184,438,000, HK$37,846,000 and HK$64,283,000, respectively. The increment was mainly contributed by sales of tablet computers.

Aggregated revenue from sales of electronic components and parts was HK$83,532,000 and contributed 22.1% of the Group's revenue. It slightly decreased by 3.9% compared with HK$86,917,000 last period. Revenue from sales of Liquid Crystal Displays, Chip On Glass and Quartz were HK$42,367,000, HK$29,675,000 and HK$10,114,000, respectively.

The management expected the negative impacts from the global economic environment will continue in place on electronics and manufacturing industries. The Group will continue to enforce cost-saving measures, improve operational efficiency and develop new products in order to improve the overall profitability. Sunway will cautiously review and adjust the business strategies to cope with the market changes.

Financial Highlights

  Six months ended 31 March, 
  2013  2012
  HK$'000  HK$'000
      
Revenue 377,689  365,542
Loss before taxation (90,207)  (92,755)
Loss for the period attributable to owners of the Company  
(93,330) 

(94,466)
Loss per Share - Basic (HK$9cents)  (HK$10cents)
Interim dividend HK$Nil  HK$Nil

About Sunway International Holdings Limited

Sunway International Holdings Limited (SEHK: 58) is a leading China-based manufacturer of consumer electronic products and components with a wide stretch of businesses including calculators, watches and clocks, digital products, quartz crystals and liquid crystal displays ("LCD"). It is one the region's largest manufacturers of calculators, quartz crystals and LCD. It participates in the telecom equipment-manufacturing sector through 40% interest in a jointly-controlled entity with Taiwan Telecommunication Investment Co. Ltd. The Group's manufacturing facilities are based in Fujian, China with a workforce of approximately 6,000.

Source: Sunway International Holdings Limited
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