HONG KONG, Jan. 20 /PRNewswire-Asia/ -- Leading electronic consumer products and components producer Sunway International Holdings Limited (HKEx: 58; SES: Sunway) today announces its annual results for the year ended 30 September 2008.
Turnover of the Group for the year ended 30 September 2008 rose slightly by 0.2% to HK$1,091,120,000, compared to HK$1,088,876,000 reported last year. Gross loss for the year was HK$848,000 compared to a gross profit of HK$77,799,000 last year. The Group recorded a gross loss because of the substantial provision made for the obsolescent stock. Manufacturing cost was also increased due to the increase in labour costs and utility costs. The Group reported a net loss of HK$95,162,000 for the year ended 30 September 2008. This compared to a net profit of HK$13,578,000 last year. Due to the surge in crude oil price during the year, transportation cost increased, resulted in the increase in our selling expenses. Basic loss per share for the year was 9.4 cents. The Group declared a final dividend of HK0.5 cent.
Turnover of electronic calculators was HK$469,167,000, representing an increase by 2.6% year-on-year. Sales of electronic calculators contributed 43% of the Group's turnover for the year and remained to be the largest business segment of the Group. Sales of electronic watches and clocks recorded a growth of 3.5% to HK$152,639,000 compared with HK$147,541,000 last year. It accounted for 14.0% of the Group's total turnover for the year.
Telephone products recorded a turnover of HK$132,407,000, dropped by 33.5% compared with last year. It represented 12.1% of the Group's turnover for the year. Sales of digital products amounted to HK$168,462,000. It represented 15.4% of the Group's turnover for the year.
During the year, the Group has launched advanced models of mobile phones, digital photo frame, digital toys, MP3 players and camera and we obtained favorable response from the market. The Group will continue to innovate high quality and value-added products to meet market needs.
In order to control our cost of production, one factory in Mainland China was closed during the year. In the coming year, the Group will undergo
re-organization. We would scale down those operations which are less profitable. We expected that some factories will be closed or sold out and we will rely more on sub-contracting services. We believe that it can improve the cost effectiveness of our manufacturing operations in light of the rising labour and operation costs.
Financial Highlights
Year ended September 30,
2008 2007
HK$'000 HK$'000
Turnover 1,091,120 1,088,876
(Loss)/Profit before Tax (92,164) 18,343
Net (Loss)/Profit Attributable to
Shareholders (95,162) 13,578
(Losses)/Earnings per Share-Basic (HK9.4 cents) HK1.3 cents
Final (full-year) dividend per share HK0.5 cent HK1.0 cent
About Sunway International Holdings Limited
Sunway International Holdings Limited (HKEx: 58 / SES: Sunway) is a leading China-based manufacturer of consumer electronic products and components with a wide stretch of businesses from calculators, quartz crystals, liquid crystal displays (LCD), and integrated circuits to electronic watch movements. It is one the region's largest manufacturers of calculators, quartz crystals and LCD. It participates in the thriving telecom equipment-manufacturing sector through a 40% interest in a joint venture with Taiwan Telecommunication Investment Co. Ltd. The Group's manufacturing facilities are based in Fujian, China with a workforce of approximately 12,000.
For further information, please contact:
Raymond Leung
Tel: +852-2413-6812
Fax: +852-2413-6859
Email: raymond@sunwayhk.com
