HONG KONG, Dec. 31, 2011 /PRNewswire-Asia/ -- 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 2011.
The Group recorded a consolidated turnover of HK$1,021,413,000, representing an increase of 4.0% compared to HK$981,860,000 last year. Gross profit for the year was HK$26,409,000 with gross profit margin of 2.6% compared with 7.2% last year. Decrease in gross profit margin was due to significant increase in manufacturing costs, especially labour cost, in the PRC.
The Group reported a net loss of HK$88,245,000 for the year, representing a decrease of 140.3% compared to HK$36,724,000 last year. Basic loss per share for the year was 9 cents. No final dividend was proposed for the year.
Revenue from sales of electronic calculators was HK$453,069,000, representing an slight decrease of 0.4% from last year and contributed 44.4% of the Group's turnover. The business of high-end calculators delivers a minimal growth whereas low-end calculators business is deteriorated.
Revenue from sales of digital products amounted to HK$173,534,000 and has accounted for 17.0% of the Group's turnover, representing an increase of 11.5% compared with last year.
Revenue from sales of electronic watches and clocks was amounted to HK$136,730,000 and has accounted for 13.4% of the Group's turnover, a decrease of 9.6% compared with last year.
The Group sells electronic components and parts mainly comprise of Liquid Crystal Displays ("LCD"), Quartz, and Chip On Glass ("COG"). This segment generated HK$216,677,000 or 21.2% of turnover for the Group and was increased by 15.1% compared with last year. The increase was mainly contributed by constant and continuously increasing orders of LCD during the year.
Facing the pressure from inflation in the PRC, the Group had implemented stringent cost control policy to minimise the operating costs. Simultaneously, product innovation and modification will continue to cope with the changing customers' demand and we will adjust its business strategies to meet the changes of economic environment.
Financial Highlights
| Year ended 30 September, | ||
| 2011 | 2010 | |
| HK$'000 | HK$'000 | |
| Revenue | 1,021,413 | 981,860 |
| Loss before taxation | (82,795) | (32,437) |
| Loss for the year attributable to owners of the Company | (88,245) | (36,724) |
| Loss per Share - Basic | (HK$9cents) | (HK$4cents) |
| Final dividend | HK$Nil | HK$Nil |
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 thriving 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 8,500.
For more information, please contact:
Sunway International Holdings Limited
Raymond Leung
Tel: +852-2413-6812
Fax: +852-2413-6859
E-mail: raymond@sunwayhk.com
