HONG KONG, May 29, 2012 /PRNewswire-Asia/ -- 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 2012 (the "period").
Consolidated turnover for the six months ended 31 March 2012 was HK$365,542,000, representing a decrease of 24.3% compared to HK$483,057,000 last period. The Group recorded gross loss for the period of HK$41,572,000 with gross profit margin of -11.4% compared with 2.5% last period.
Net loss of the Group deteriorated to HK$94,466,000 for the period compared to HK$27,682,000 last period due to the significant decrease in turnover and increase in administrative expenses. Basic loss per share for the period was 10 cents. No interim dividend was proposed for the period.
Sales of consumer electronic products accounted for 76.2% of the Group's revenue and its revenue has substantially decreased by 27.8% from HK$385,834,000 last period to HK$278,625,000. Revenue from sales of calculators, watches and clocks, telephone and other digital products were HK$193,664,000, HK$62,654,000, HK$20,594,000 and HK$1,713,000, respectively. The significant drop was contributed by reduction of American sales orders and the once-off sales orders of e-books in last period.
Aggregated revenue from sales of electronic components and parts was HK$86,917,000 and contributed 23.8% of the Group's revenue. It decreased by 10.2% compared with HK$96,758,000 last period, which was mainly due to drop of Quartz' sales. Revenue from sales of Liquid Crystal Displays, Chip On Glass and Quartz were HK$43,498,000, HK$28,571,000 and HK$14,271,000, respectively.
It was a tough time over the period given the unsatisfactory results form the American markets. The management expected there remains full of challenges in the second half of the financial year. The Group will continue to enforce cost-saving measures, concentrate on manufacturing and selling products with high profit margin, explore potential customers and develop new products in order to improve the overall profitability. We will closely monitor our financial position and maintain a healthy cash position to provide the Group with optimum flexibility to respond to market uncertainties.
Financial Highlights
| Six months ended 31 March, | ||
| 2012 | 2011 | |
| HK$'000 | HK$'000 | |
| Revenue | 365,542 | 483,057 |
| Loss before taxation | (92,755) | (27,682) |
| Loss for the period attributable to owners of the Company | (94,466) | (27,682) |
| Loss per Share - Basic | (HK$10cents) | (HK$3cents) |
| Interim dividend | HK$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 6,300.
For more information, please contact:
| Sunway International Holdings Limited | |
| Raymond Leung | |
| Tel: | +852-2413-6812 |
| Fax: | +852-2413-6859 |
| E-mail: | raymond@sunwayhk.com |
