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Sunway International Holdings Limited Announces Interim Results for the Six Months Ended 31 March 2014

2014-05-29 20:36
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HONG KONG, May 29, 2014 /PRNewswire/ -- Leading electronic consumer product and components manufacturer, 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 2014 (the "period").

Consolidated turnover for the six months ended 31 March 2014 was HK$349,824,000, representing a decrease of 7.4% compared to HK$377,689,000 last period. The Group recorded gross loss for the period of HK$66,478,000 with gross profit margin of -19.0% compared with -7.7% last period. Deterioration of gross loss was mainly due to provision for inventories in compare with last period.

Net loss for the period was HK$119,607,000 compared with HK$93,330,000 last period. Basic loss per share for the period was 12 cents.  No interim dividend was proposed for the period.

Sales of consumer electronic products accounted for 53.8% of the Group's revenue and its revenue has significantly decreased by 36.0% from HK$293,978,000 last period to HK$188,246,000. Revenue from sales of calculators, watches and clocks and other digital products were HK$115,146,000, HK$33,693,000 and HK$33,137,000, respectively. Shortage of labour in the PRC caused significant delay on the production lead time and thus, sales volume dropped.

Aggregated revenue from sales of electronic components and parts was HK$161,578,000 and contributed 46.2% of the Group's revenue. It significantly increased by 93.4% compared with HK$83,532,000 last period. Revenue from sales of Liquid Crystal Displays, Chip On Glass and Quartz were HK$72,877,000, HK$80,544,000 and HK$7,811,000, respectively. Launchment of bigger size of LCD and COG boosted up the revenue.

The management believes the acquisition of the construction material business in the PRC provide an opportunity for the Group to turnaround its unfavorable financial performance and to generate diversified income and additional cash flow for its continuous development.

Financial Highlights

  Six months ended 31 March, 
  2014  2013
  HK$'000  HK$'000
      
Revenue 349,824  377,689
Loss before taxation (116,720)  (90,207)
Loss for the period attributable to equity holders of
the parent
 
(119,607) 

(93,330)
Loss per Share - Basic (HK$12cents)  (HK$9cents)
Interim dividend HK$Nil  HK$Nil
Source: Sunway International Holdings Limited

Related stocks: HongKong:58

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