HONG KONG, May 27, 2011 /PRNewswire-Asia/ -- Leading electronic consumer product and components producer Sunway International Holdings Ltd (SEHK: 58) today announces the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 31 March 2011 (the "period").
The Group recorded a consolidated turnover of HK$483,057,000, representing an increase of 21.2% compared to HK$398,496,000 in the same period last year. Gross profit for the period was HK$12,088,000 with gross profit margin of 2.5% compared with 2.9% in the same period last year. Decrease in gross profit margin was resulted from the written-down of inventories. On the other hand, several new products such as new models of high-end calculators and digital products contributed higher gross profit margin to the Group.
The Group reported a net loss of HK$27,682,000 for the period, representing a decrease of 27.0% compared to HK$37,936,000 in the same period last year. Basic loss per share for the period was 3 cents. No interim dividend was proposed for the period.
Revenue from sales of electronic calculators was HK$197,413,000, representing an increase of 0.5% from the same period last year and contributed 40.9% of the Group's turnover for the period. The business of high-end calculators continues to deliver a steady growth whereas low-end calculators business is deteriorated.
Revenue from sales of electronic watches and clocks was amounted to HK$65,570,000 and has accounted for 13.6% of the Group's turnover for the period, a decrease of 4.2% compared with the same period last year.
Revenue from sales of digital products amounted to HK$103,679,000 and has accounted for 21.5% of the Group's turnover for the period, a significantly rose by 1,568 times compared with the same period last year.
Electronic components and parts the Group sells mainly comprised of Liquid Crystal Displays ("LCD"), Quartz, and Chip On Glass ("COG") and their respective revenue for the period were HK$25,956,000, HK$39,104,000 and HK$28,101,000. Aggregated revenue for the period decreased by HK$11,365,000 or 10.5% from HK$108,123,000 in the same period last year to HK$96,758,000 and has accounted for 20.0% of the Group's turnover.
The Group recorded a remarkable result in sales of e-book during the period. This motivates us in continuing product innovation and modification to cope with the changing customers' demand. The Group will also continue to implement stringent cost control and efficiency improvement measures to reduce our overall operating costs and adjust its business strategies to meet the changes of economic environment.
Financial Highlights
| Six months ended 31 March, | ||
| 2011 | 2010 | |
| HK$'000 | HK$'000 | |
| Revenue | 483,057 | 398,496 |
| Loss before taxation | (27,682) | (37,816) |
| Loss for the period attributable to owners of the Company | (27,682) | (37,936) |
| Loss per Share - Basic | (HK$3cents) | (HK$4cents) |
| Interim dividend | HK$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 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 9,000.
For more information, please contact:
| Sunway International Holdings Limited | |
| Raymond Leung | |
| Tel: | +852-2413-6812 |
| Fax: | +852-2413-6859 |
| Email: | raymond@sunwayhk.com |
