HONG KONG, Dec. 29, 2012 /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 2012.
The Group recorded a consolidated turnover of HK$794,333,000, representing a decrease of 22.2% compared to HK$1,021,413,000 last year. Gross loss for the year was HK$60,370,000 with gross profit margin of -7.6% compared with 2.6% last year. Decrease in gross profit margin was mainly due to decrease in sales, however, manufacturing fixed costs remained fairly constant and the provision for inventories made for the year.
The Group reported a net loss of HK$210,948,000 for the year, representing a decrease of 1.39 times compared to HK$88,245,000 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 78.9% of the Group’s revenue and its revenue has substantially decreased by 22.1% from HK$804,271,000 last year to HK$626,661,000. Revenue from sales of calculators, watches and clocks, and other digital products were HK$390,979,000, HK$140,542,000 and HK$66,390,000, respectively. The significant drop was contributed by reduction of American sales orders and the once-off sales orders of e-books in last year.
Aggregated revenue from sales of electronic components and parts was HK$166,218,000 and contributed 20.9% of the Group’s revenue. It decreased by 23.3% compared with HK$216,677,000 last year. Revenue from sales of Liquid Crystal Displays, Chip On Glass and Quartz were HK$92,393,000, HK$47,424,000 and HK$30,398,000, respectively.
Facing the unfavorable American market conditions and the uncertainties from the European market, the management expected the business environment would continue to be difficult and complicated. The Group will continue to enforce cost-saving measures, concentrate on manufacturing and selling products with high profit margin, explore potential customers and develop new products in order to improve the overall profitability. We will closely monitor our financial position and maintain a healthy cash position to provide the Group with optimum flexibility to respond to market uncertainties.
Financial Highlights
| Year ended 30 September, | ||
| 2012 | 2011 | |
| HK$‘000 | HK$‘000 | |
| Revenue | 794,333 | 1,021,413 |
| Loss before taxation | (205,365) | (82,795) |
| Loss for the year attributable to owners of the parent | (210,948) | (88,245) |
| Loss per Share - Basic | (HK$21cents) | (HK$9cents) |
| Final dividend | Nil | Nil |
About Sunway International Holdings Limited
Sunway International Holdings Limited 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 6,000.
For more information, please contact:
Sunway International Holdings Limited
Raymond Leung
Tel: +852-2413-6812
Fax: +852-2413-6859
E-mail: raymond@sunwayhk.com
