Written by The Edge
Leather tanner and sofa manufacturer HTL International Holdings Limited has announced a 66.9% jump in 2Q 2010 net profit after tax of $7.8 million compared to $4.7 million in 2Q 2009. This comes on the back of a 2.6% increase in turnover of $164.0 million.
HTL International says 1H 2010 turnover grew by 10.2% to $315.1 million, driven by increased sofa sales of 14.7% to $289.3 million from $252.2 million in 1H 2009. Sofa sales in Europe continued to strengthen with an increase of 3.6% to $180.8 million from $174.6 million in 1H 2009. Asia and Australia/New Zealand also enjoyed firm growth in sofa sales.
However, turnover at the Home Furnishing Business Unit was flat at $25.9 million (1H 2009 $26.0 million). But the company says it remains confident that it will remain profitable in 2H 2010.
HTL International is recommending an interim dividend of 1 cent per ordinary share payable on 8 September 2010.
