[TodayIR] MAN WAH HLDGS: Man Wah Announces Positive Profit Growth
(Hong Kong – 13 January 2014) – Man Wah Holdings Limited ("Man Wah" or the
"Group," stock code: 1999) is pleased to announce that the Group's unaudited
operating profit for the nine months ended 31 December 2013 has already
exceeded the Group’s Operational Profit for the entire Financial Year 2013
significantly. If current trends continue, the Group expects the unaudited
consolidated net profit attributable to owners of the Company for the
Financial Year 2014 to be significantly more than that for the entire
Financial Year 2013.
The Group recorded stable sales growth from overseas markets during the
period, which have driven the growth of its operating profit. As for the
Mainland China market, the Group has continued to intensify market expansion,
in particular, opening more retail stores in third- and fourth-tier cities and
timely broadening the price range of its products, as well as further
enhancing brand awareness so as to accelerate sales growth. Year-on-year
increase of gain on foreign exchange forward contracts and government
subsidies was also one of the reasons for the Group’s net profit growth.
Dr. Wong Man Li, Chairman and Executive Director of Man Wah, said, "We have
achieved encouraging results over the past nine months, which suggests that
our efforts in strengthening the efficiency of internal operations and
controlling costs are bearing fruit. Construction of our new production base
in Wujiang City, Jiangsu Province has been completed and commenced operation
in July 2012; providing strong support to our sales in the Mainland China, as
well as helping the Group's growth drive. We will continue to consolidate our
core competitive advantages, timely launch more innovative products and raise
brand awareness in order to capture strong demand from the Mainland China and
deliver better returns to our shareholders.
"In addition, I am proud to have recently been interviewed by Forbes Asia, a
renowned financial magazine in the US, which will become the cover story of
its January edition. This reflects widespread recognition of the Group’s
outstanding performance from various sectors. I would like to take this
opportunity to thank our colleagues, shareholders and business partners for
their strong support over the years. We will continue to lead the Group to new
heights through excellent operational performances."
Press spacebar to pause and continue. Press esc to stop.