HONG KONG, Aug. 23 /PRNewswire-Asia-FirstCall/ -- Hong Kong-based global power tools and floor care company, Techtronic Industries Co. Ltd. ("TTI" / The Group) (stock code: 669, ADR symbol: TTNDY) announced strong net profit growth of 40.5% for the first six months of 2010, reflecting robust sales growth and higher margins from new products.
For the six months ended June, the Group's sales were US$1.6 billion, an increase of 10.5% over the same period in 2009. EBIT before restructuring increased 58.9% as sales grew in all major markets led by strong performances from the leading Milwaukee(R) and Hoover(R) brands. The strategic investment in these brands with an expanding portfolio of innovative products enabled both sales and margins to increase during the period.
Mr. Horst Pudwill, Chairman of TTI said, "We are very pleased with the progress of the Company and the profit improvement in the first half. This reflects the strength of our brands, new products, and success of our strategic geographic expansion. TTI is in a healthy financial position and I am confident our performance will continue to improve in 2010 and beyond."
"TTI has developed a tremendous capability for new products putting us at the vanguard of innovation that enhances end-user satisfaction and productivity. This delivers the first mover advantage that will sustain our leadership position and growth. We have a great future ahead of us," said Mr. Joseph Galli, CEO of TTI.
Financial Result for the six months period ended June 30, 2010
2010 2009 2010 2009 Changes
HK$' HK$' US$' US$' %
million million million million
Turnover 12,535 11,342 1,607 1,454 10.5
EBITDA (before restructuring
costs) 1,250 905 160 116 38.1
EBITDA 1,106 905 142 116 22.2
EBIT (before restructuring
costs) 808 509 104 65 58.9
EBIT 664 509 85 65 30.6
Profit attributable to Owners
of the Company
(before restructuring costs) 506 258 65 33 96.3
Profit attributable to Owners
of the Company 362 258 46 33 40.5
EPS (HK/US cents) 22.74 17.18 2.92 2.20 32.4
Interim dividend per share
(HK/US cents) 3.75 3.00 0.48 0.38 25.0
About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world-class leader in quality consumer and professional products marketed to the home improvement and construction industries. An unrelenting strategic focus on powerful brands, innovative products, exceptional people and operational excellence drives our success.
TTI's powerful brand portfolio includes Milwaukee(R), AEG(R) and Ryobi(R) power tools and accessories, Ryobi(R) and Homelite(R) outdoor products, and Hoover(R), Dirt Devil(R) and Vax(R) floor care products and accessories.
TTI is one of the constituent stocks on the Hang Seng HK SmallCap Index under the Hang Seng Composite Index, the FTSE All-World Hong Kong Index and the FTSE Xinhua Hong Kong Index. For more information, please visit http://www.ttigroup.com .
Source: Techtronic Industries Co. Ltd.
