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Sunway International Holdings Limited Announces Annual Results for the Year Ended 30 September 2013

HONG KONG, Dec. 30, 2013 /PRNewswire/ -- Leading electronic consumer product and components manufacturer, Sunway International Holdings Limited (SEHK: 58), today announces the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 30 September 2013.

The Group recorded a consolidated turnover of HK$788,347,000, representing a decrease of 0.8% compared to HK$794,333,000 last year. Gross loss for the year was HK$75,838,000 with gross profit margin of -9.6% compared with -7.6% last year. Gross loss was mainly attributable to the depreciation of plant and machinery.

The Group reported a net loss of HK$213,323,000 for the year, representing a decrease of 1.1% compared to HK$210,948,000 last year. The results for the year was fairly consistent with last year. Basic loss per share for the year was 21 cents. No final dividend was proposed for the year.

Sales of consumer electronic products accounted for 73.1% of the Group's revenue and its revenue has decreased by 8.0% from HK$626,661,000 last year to HK$576,348,000. Revenue from sales of calculators, watches and clocks, and other digital products were HK$361,339,000, HK$72,543,000 and HK$128,742,000, respectively.

Aggregated revenue from sales of electronic components and parts was HK$211,999,000 and contributed 26.9% of the Group's revenue. It increased by 27.5% compared with HK$166,218,000 last year. Revenue from sales of Liquid Crystal Displays, Chip On Glass and Quartz were HK$88,698,000, HK$94,783,000 and HK$22,705,000, respectively.

Facing the uncertainties of the global economy, we expected the business environment would continue to be difficult and complicated and it will bring pressure to our existing electronics business. The Group is preparing a proposed acquisition of a company which carries on construction materials manufacturing business in the PRC. We hope the proposed acquisition, if completed, will provide an opportunity for the Group to turnaround its unfavourable performance and to generate diversified income and additional cast flow for its continuous development.

Financial Highlights

  Year ended 30 September, 
  2013  2012
  HK$'000  HK$'000
      
Revenue 788,347  794,333
Loss before taxation (206,676)  (205,365)
Loss for the year attributable to owners of the parent (213,323)  (210,948)
Loss per Share - Basic (HK$21cents)  (HK$21cents)
Final dividend Nil  Nil
Source: Sunway International Holdings Limited
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